In a report issued on Monday, Wells Fargo previewed Hewlett-Packard Company (NYSE: HPQ) for the 2015 fiscal year. Wells Fargo rates Hewlett-Packard as Outperform with a price target range of $46.00-$49.00.

Analysts at Wells Fargo wrote, "We expect PC share gains in particular, as well as strength in transactional year-end IT demand (servers) and solid printing demand to drive revenue. Transactional strength may also help cash flow and we continue to believe there is scope for upside potential to management's FY guidance of $6.5-$7.0 Billion."

In the report, Wells Fargo discussed three reasons why they believe Hewlett-Packard is attractively valued:

1. Potential expansion from the bottoming of legacy businesses.

2. Increased shareholder value due to their upcoming corporate split.

3. Laser printing strength driven by color and multi-function printers and managed printer service along with recent struggles in rival Lenovo Group Limited.

Shares of Hewlett-Packard recently traded at $38.11, down 0.73 percent.

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