Hewlett Packard Split Gets Analysts' Attention; Abbvie Gets Upgraded

In Monday's analysts' actions, one Wall Street firm is weighing in on the Hewlett Packard split and another firm is giving Abbvie (ABBV) a rating and target price boost. Credit Suisse started coverage of HP Inc. (HPQ), one of the two companies from the HP split. Analysts gave the company an OUTPERFORM rating with a $19 price target. They said that HP Inc. has a 'solid franchise and a multi-faceted strategy to offset secular pressure in the printing and PC end-markets.' Another positive is that there will be a significant cash return to shareholders. The same firm began coverage of Hewlett Packard Enterprise (HPE), the other company from the HP separation. Analysts started coverage with a NEUTRAL rating and a $19 price target. They're more cautious about this one due to secular challenges in the IT market. But, the firm noted that the company has a strong balance sheet. In another note, Morgan Stanley upgraded Abbvie to OVERWEIGHT from EQUAL WEIGHT and lifted its price target to $73 from $62. The firm said 'AbbVie is now the cheapest large-cap pharma with superior long-term prospects.' TheStreet's U-Jin Lee reports from New York.