NEW YORK (TheStreet) -- Shares of HP Inc. (HPQ) - Get Report are jumping by 6.02% to $12.94 Thursday afternoon, as Citigroup raised its price target on the stock to $13 from $11 and reiterated its "neutral" rating, Barron's reports.
The firm decided to adjust its price target due to a "recent market rally" of HP's stock after the company reported 2016 second quarter results, according to Barron's.
Yesterday, HP reported 2016 second quarter earnings of 41 cents per share, higher than analysts' expectation for earnings of 38 cents per share. The company reported that revenue fell 11% year-over-year to $11.59 billion, missing estimates of $11.72 billion.
HP saw a 10% slip in personal systems revenue with total units down 9% and a 16% decline in printing revenue. Even with these losses, the company's stock continued to rise after its second quarter results were released.
Company management is "getting ourselves really fit," which will pay off in quarters to come, Dion Weisler, HP CEO, tells Barron's.
Additionally, JP Morgan increased its price target to $12.50 from $10 and reiterated its "neutral rating" on the stock and UBS has raised its price target to $12 from $11 and maintained its "neutral" rating.
Palo Alto, CA-based HP is the former Hewlett Packard's hardware business. The company provides products, technologies, software, solutions and services to individual consumers, small- and medium-sized businesses and large enterprises.
Separately, TheStreet Ratings rated HP Inc. as a "hold" with a score of C.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon.
Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. TheStreet Ratings has this to say about the recommendation:
The primary factors that have impacted this rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
The company's strongest point has been its expanding profit margins. At the same time, however, TheStreet Ratings also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and weak operating cash flow.
You can view the full analysis from the report here: HPQ