HP Inc. (NYSE:HPQ) experienced a historic stock surge Thursday afternoon, with shares climbing as much as 19% — the largest one-day gain since 1999 — following the release of its second-quarter financial results.

What Happened: HP shares jumped after the tech giant reported net revenue of $12.8 billion, above the consensus estimate of $12.6 billion. Adjusted EPS rose 4% year-over-year to 82 cents, surpassing the street view of 81 cents.

HP also guided for third-quarter adjusted EPS of 78 to 92 cents, versus estimates of 85 cents, and full-year adjusted EPS of $3.30 to $3.60, versus estimates of $3.43.

HP’s strong quarterly performance and optimistic outlook appear to have reinforced investor confidence. Analysts are also contributing to the momentum on Thursday with multiple price target increases.

Morgan Stanley, BofA Securities and JPMorgan all maintained Overweight ratings, increasing their price targets to $37, $37 and $38, respectively. UBS maintained a Neutral stance and raised its target to $34, while Wells Fargo maintained an Underweight rating and raised its target from $25 to $30.

Related Link: Why HP Shares Are Surging Premarket Thursday

HPQ Price Action: HP shares were up 15.8% at $37.96 at the time of publication, according to Benzinga Pro.

Photo: Courtesy of HP Inc.