Citi Reiterates Buy on Hewlett-Packard to Buy

Citi is out with its report today on Hewlett-Packard HPQ, reiterating Buy. In its report, Citi writes, "HPQ shares currently trade at 6X our FTM EPS estimate, below the 7X at the trough of the 2008/2009 recession and an all-time low. A DCF assuming 0% perpetual growth in FCF yields a twelve-month fair value of $36, or a double digit return from current levels—this seems overly conservative. Reiterate Buy." At the time of posting, shares of HPQ were trading pre-market at $32.59, up 0.84% from Friday's close.