Why HP Stock Topped the Market Today
The stock rose following an assertive sell-off after it reported its latest quarterly earnings earlier in the week.
Overview
Investors were reassessing HP's (NYSE: HPQ) recently published fiscal third-quarter earnings report, and, given that the stock rose on Friday, it seems they've become more bullish on the company's prospects. This was helped by another in a series of post-earnings analyst price target hikes.
The veteran tech hardware company's shares closed that trading session 3% higher, in contrast to the S&P 500 index's 0.2% decline.
Details
Well before market open that day, Barclays pundit Tim Long lifted his HP fair value assessment to $23 per share, notably up from his preceding $19. He's still a bear on the tech stock, however, as he maintained his underweight (i.e., sell) recommendation.
Source
Originally published at www.fool.com.
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