NEW YORK, US: Hewlett-Packard has a strong financial position that could help it gain market share during the market downturn, Barron's wrote in its Dec. 29 edition.

With reliable revenue, the technology company qualifies as a defensive stock, and one that trades more cheaply on a forward earnings basis than rivals Dell Inc , and International Business Machines Corp Barron's wrote.

That multiple 8.18 times fiscal 2010 estimated earnings for HP, versus 8.32 for Dell and 9 for IBM makes it attractive, Barron's wrote, citing a money manager with Atlantic Trust who predicted its shares could go up into the low $50s-range when normalcy begins returning to the markets.

The newspaper quoted a Barclay's Capital analyst as estimating HP shares could rise to as much as $47.
Shares in HP closed at $34.97 in trading on the New York Stock Exchange on Friday.

Barron's cited a weaker euro; HP's debt levels and its defined-benefit pension plan as challenges to the company.