Hewlett-Packard's (HP) shares soared on Thursday, following optimism that the hardware supplier would achieve double digit revenue growth for its third fiscal quarter.
The company's stock price rose $6.5 to close at $105.8125, but earlier had hit a record $106.38, up from last year's low of $47.06. The First Call analysts' consensus anticipates earnings of $0.58 per share.
The move followed a note written by Richard Chu, analyst with SG Cowen, saying that he believed HP's was on course for a long awaited return to double digit order and revenue growth, after turning in flat sales for the past few quarters.
He expected the firm's turnover to increase 11 per cent to $12.1 billion, while orders would rise 15 per cent, with growth occuring in all areas of HP's business.
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