Analyst Upgrades: HP, Tiffany & Co, Whole Foods

Analysts are weighing in today on tech titan Hewlett-Packard Company (NYSE:HPQ), luxury jeweler Tiffany & Co. (NYSE:TIF), and organic grocer Whole Foods Market, Inc. (NASDAQ:WFM). Here's a quick roundup of today's bullish brokerage notes on HPQ, TIF, and WFM.

• Last night, HPQ reported fiscal fourth-quarter earnings that were in-line with the Street's expectations. The results were met with no fewer than four price-target hikes, the most ambitious of which came from BMO, which raised its target to $42 from $41 and reiterated its "market perform" rating. Technically speaking, it's been a good year for Hewlett-Packard Company, which has rallied 34.5% in 2014 to perch at $37.63. That said, additional positive brokerage notes could be on the horizon, as 55% of covering analysts have given HPQ a "hold" or worse assessment. Plus, the stock's consensus 12-month price target of $40.34 stands at a slim 7.2% premium to current trading levels.


• Following yesterday's earnings-induced rally of 2.5%,TIF scored a trio of price-target hikes. Specifically, Barclays, KeyBanc, and Goldman Sachs raised their respective price targets to $96, $122, and $130, with the former underscoring an "equal weight" rating, and the other two reiterating "buy" recommendations. Longer term, Tiffany & Co. has advanced 16% year-to-date to trade at $107.60, and notched a record high of $110.60 in Tuesday's session. Additional upside could be in store, given heavy short interest on the equity. Specifically, short interest on TIF rose 51.7% during the two most recent reporting periods, and now makes up nearly 5% of the stock's float -- which would take more than a week to cover, at average daily trading levels.


• Finally, WFM received a price-target hike to $46 from $42 at BMO, which also reaffirmed its "market perform" opinion. On the charts, the shares have been on a tear since the end of October, gaining 22.5% month-to-date to rest at $48.18 -- helped by a successful turn in the earnings confessional in early November. What's more, Whole Foods Market, Inc. has outperformed the broader S&P 500 Index (SPX) by roughly 20 percentage points during the past two months. Should the stock continue to trend higher, it could get an additional boost as short sellers continue to hit the exits. More than 9% of WFM's float is currently sold short, which represents more than eight sessions' worth of pent-up buying demand, at typical daily trading volumes.