Hewlett-Packard is a computer and printer maker.

It recently secured a $2.5 billion, 10-year information technology outsourcing contract from NASA. Under the contract, HP will manage NASA's personal computing hardware, agency-standard software, mobile IT services, peripherals and accessories, associated end-user services, and supporting infrastructure.

HP also signed a five-year services agreement with BP ( BP) for delivering consistent global data center services to enable BP standardize and consolidate its hosting services and leverage innovations such as cloud computing. The contract value exceeds $400 million.

For 2011, HP's software acquisition strategy will focus on Business Intelligence --- the industry's emerging sector. For this, it may acquire a leading brand in the well-established pure-play of BI. A few of the potential targets include MicroStrategy ( MSTR), Teradata ( TDC), KXEN or Angoss. The company is looking at niche areas such as data mining and predictive analytics and technologies that complement BI.

HP is planning to set up three outsourcing centers in India as part of its $1 billion investment plan announced early last year to transform and expand its enterprise services business. HP is considering low-cost centers like India to contend with competition from International Business Machines ( IBM), Accenture ( ACN), and Dell ( DELL). HP is planning to service its clients along with Indian outsourcing company MphasiS, in which HP has a majority stake.

Of the 38 analysts covering the stock, 71% recommend a buy with a target price of $55.04, implying an upside of 30.1% from current levels. For the first quarter of 2011, the company has raised its notebook shipment forecast by 10% because of strong demand from China.

For 2011, HP raised the mid-point of its revenue guidance to $133 billion, indicating year-over-year growth of more than 5%. The earlier estimated levels ranged between $131.5 billion and $133.5 billion.

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