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Analysts are upwardly revising their ratings today on tech titan Hewlett-Packard Company (NYSE:HPQ), retailer Target Corporation (NYSE:TGT), and pet products maker PetSmart, Inc. (NASDAQ:PETM). Here's a quick look at today's bullish brokerage notes on HPQ, TGT, and PETM.
- HPQ is flirting with breakeven at $35.12 ahead of the bell, as traders digest the company's fiscal third-quarter earnings, which showed a surprise increase in PC sales. Subsequently, RBC, Barclays, and Cantor Fitzgerald hiked their price targets on HPQ, to $38 (from $36), $41 (from $38), and $34.50 (from $30), respectively. Furthermore, Barclays reiterated its "overweight" rating on the stock. There's still plenty of room on Hewlett-Packard Company's bullish bandwagon, though. Despite HPQ's year-to-date ascent of 25.5%, more than half the analysts covering the security maintain "hold" or "sell" opinions, and the consensus 12-month price target of $36.93 is within a stone's throw of the equity's current price.
- Despite confessing to a 62% drop in second-quarter earnings and slashing its full-year guidance, TGT rallied 1.8% to settle at $60.33 yesterday. In overnight action, Jefferies and Morgan Stanley both upped their price targets by $3 -- to $55 and $61, respectively -- but the former reiterated its "hold" recommendation, while the latter underscored an "underweight" rating. Most analysts are bearish when it comes to Target Corporation, which boasts just five "strong buys," compared to 16 "hold" or worse suggestions. The stock has shed 4.6% in 2014, and in the wake of yesterday's jump is staring up at potential resistance in the $61 neighborhood, which rejected TGT's advances in late July and early August.
- PETM tagged a seven-month high yesterday, ultimately settling at $70.52, after the firm said it might put up the "for sale" sign. Barclays is rolling the dice on fresh year-to-date highs for PETM, hiking its price target on the stock to $75 from $63, and backing an "overweight" rating. The upbeat analyst attention is relatively rare for PetSmart, Inc., as 18 out of 19 analysts call the stock a "hold" or "strong sell." Elsewhere, short interest represents more than eight sessions' worth of pent-up buying demand, at PETM's average pace of trading.