HP up 1.8% after PC shipments boost, Citi upgrade

|About: HP Inc. (HPQ)|By:, SA News Editor

HP (NYSE:HPQ) is up 1.8% premarket, riding gains after IDC's look at PC shipments says the company's retaken its lead for the first time in three years, and Citi upgrades to Buy accordingly.

Not only did HP log a 6.5% increase, but it's also shifting toward higher-margin gaming/commercial PCs, says Citi analyst Jim Suva -- and that's good for revenue sustainability.

Suva has a price target of $20, implying 14% upside from yesterday's close.