A Valuation Role Reversal for Dell and H-P

Is it time for investors to shed their Hewlett-Packard(HPQ Quote) shares and snap up some Dell(DELL Quote)?

That's the core of a call by Investec analyst Eric Ross, who contends in a research note that H-P looks dear in light of its growth outlook, while Dell may not be as expensive as everybody thinks. His firm hasn't done banking for either company.

Ross's note, which focuses on relative valuations of those names, doesn't address the bigger question of whether hardware names in general are overpriced. And plenty of investors would dispute his notion that Dell deserves to trade for 32 times earnings. But the skepticism about H-P's recent run-up is worth noting, in light of its own and competitors' prospects. ...