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HP, Dell get bullish starts at UBS on valuation

Sep. 22, 2020 5:08 PM ETHP Inc. (HPQ) StockHPQ, DELLBy: Brandy Betz, SA News Editor8 Comments
  • After assuming coverage for the name, UBS analyst David Vogt initiates HP (NYSE:HPQ) with a Buy rating and $25 price target.
  • The analyst says HP's "conservative" balance sheet and strong cash conversion creates a "self-help" opportunity in enterprise hardware.
  • Vogt thinks HP's near-term operating headwinds are understood, and he sees the stock as undervalued.
  • UBS also initiates Dell (NYSE:DELL) at Buy with an $80 price target citing the "depressed" valuation and the benefits of the potential VMware spin-off.
  • Dell shares are up 0.8% AH to $66.87. HP shares are up 2.1% to $18.82.

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