Aug 7 (Reuters) - Stifel Nicolaus initiated coverage of PC maker Hewlett-Packard Co (HPQ.N) with a “buy” rating and a price target of $52.
The brokerage expects fiscal 2010 earnings of $4.38 a share on revenue of $120.7 billion. For 2011, it expects $4.83 a share and revenue of $129.0 billion.
The brokerage said its estimates are primarily based on expectations of a”continually strong operational cost alignment story...(and) a well-positioned story across all operating segments and most notably a recovery in enterprise, storage and servers segment looking into fiscal 2010.”
Shares of Hewlett-Packard were trading up 3 percent at $43.27 Friday afternoon on the New York Stock Exchange. (Reporting by Saqib Iqbal Ahmed in Bangalore; Editing by Anne Pallivathuckal)