SAN FRANCISCO, Nov. 11 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior Hardware analyst Daniel T. Niles today upgraded Hewlett-Packard (NYSE: HWP - news) to a Buy rating from a Long Term Attractive. Hewlett-Packard, based in Palo Alto, California, is comprised of five business segments: Computer Systems, Test & Measurement, Medical Equipment, Chemical Analysis and Electronic Components.
''We believe the revenue growth, which slowed to 5% Y/Y in Q3, can return to a high teens growth level in 1999 as PCs, servers and printers rebound following the inventory and pricing issues in 1H:98 and driven by new products,'' said Niles. ''We believe that improving demand combined with better expense control should lead to upside possibilities as we enter 1999. We are upgrading the stock to buy with an $80 price target based on increasing estimates and a multiple in the low 20s.''
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