PC giant Hewlett-Packard (NYSE:HPQ) has more than doubled off of its lows as investors are hopeful that the worst is now in the rearview mirror. Cash flow continues to improve, and HP is now diversifying its product strategy away from Microsoft (NASDAQ:MSFT) and Intel (NASDAQ:INTC). Even though there are some encouraging signs, there are just as many long-term challenges.

In the following video, Fool contributor Evan Niu, CFA, and Eric Bleeker, CFA, discuss HP's recent rally.

Eric Bleeker, CFA, has no position in any stocks mentioned. Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool recommends Google and Intel. The Motley Fool owns shares of Google, Intel, and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.