UPDATE: Sterne Agee Initiates Hewlett-Packard at Buy (HPQ)

Sterne Agee is out with its report today on Hewlett-Packard HPQ, initiating HPQ at Buy. In a note to clients, Sterne Agee writes, "We are initiating coverage of HPQ with a BUY rating and 12-month price target of $56. H-P is the world's leading provider of IT infrastructure and we believe is unique in the marketplace, being a strong player in both enterprise and consumer markets." At the time of posting, shares of HPQ were trading pre-market at $41.27, up 0.39% from Tuesday's close.