HP Inc (HPQ) stock surged 5.01% in intraday trading on Tuesday, following an upgrade from HSBC analysts who raised their rating on the PC maker to "buy" from "hold" and increased their price target to $30 from $28.1.

The upgrade comes as HSBC cites improved PC sales momentum for HP. According to the analysts, HP's PC unit sales are looking better than previously expected, based on data from research firms IDC and Omidia. A key factor driving this optimism is Microsoft's plan to end support for Windows 10 by October 14, which HSBC expects will trigger a surge in new device purchases.

Additionally, HSBC noted that HP's shift away from China imports has lowered tariff risks for the company. The analysts also mentioned that the outlook for HP's printer sales is "less bad than feared," further contributing to the positive sentiment. These factors combined have led to renewed investor confidence in HP's near-term prospects, resulting in today's significant stock price jump.