Citigroup analyst Jim Suva after the close today upgraded shares of Xerox (XRX) to Buy from Neutral and raised his price target for the stock to $15 from $12.50. Xerox closed Tuesday's trading up 1c to $12.96. Suva views the stock's valuation as "compelling" and expects future sales to be boosted by improving signings and potential accretive acquisitions. In a note previewing Q1 earnings reports, Suva listed Apple (AAPL), HP (HPQ), Xerox and Electronics for Imaging (EFII) as top picks in the Computer Hardware space. He has a Sell rating on Lexmark (LXK) and Neutral ratings on IBM (IBM), EMC (EMC) and NetApp (NTAP).

Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.

Apple saw sales of its iPhones fall 19.1% in the first three months of the year, CNBC's Ryan Browne reports, citing data from Counterpoint Research. Meanwhile, Huawei saw a 69.7% surge in smartphone sales in the country during the same period, Counterpoint said. Reference Link

BTIG downgraded HashiCorp (HCP) to Neutral from Buy without a price target. The analyst sees a balanced risk/reward after the stock's recent run following takeover speculation. The firm believes the potential takeover by IBM (IBM) has a "lot of merits." HashiCorp is a good strategic asset with strong product capabilities, and deal synergies with a large acquirer such as IBM would be substantial, the analyst tells investors in a research note. Given there is still some uncertainty on a deal being consummated and a typical closing process in the 6-9 month range, BTIG sees limited incremental upside to shares in the near term.

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IBM (IBM) is nearing an acquisition of HashiCorp (HCP) and deal could come together in the coming days, Lauren Thomas and Laura Cooper of Wall Street Journal report, citing people familiar with the matter. A deal for HashiCorp would likely command a premium above where the stock is currently trading, the Journal says. Shares of HashiCorp jumped 7% to $26.37 following the report before halting for volatility. IBM is down 66c to $181.28 in afternoon trade. Reference Link

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Expects 2024 adjusted operating margin of at least 7.5%. Maintains three-year target of $300M of incremental adjusted operating income above 2023 levels and a return to double-digit adjusted operating income margin by 2026.

Jefferies analyst Brent Thill lowered the firm's price target on IBM to $210 from $215 and keeps a Hold rating on the shares. IBM remains a "show me story" as the company looks to reposition itself around a software-led strategy, the analyst tells investors in a research note. The firm likes the company's initiatives to bolster its software growth and profitability profile, but thinks better execution on the new go-to-market strategy and further investments in the organic engine are necessary to drive long-term software growth higher. Until signs of a re-energized software business are seen, IBM's risk/reward "seems balanced," Jefferies contends.