Any sane investor would love to see a stock he or she owns double in six months' time, which is exactly the case for investors in longtime laggard Hewlett-Packard (NYSE:HPQ). And while the company's stock had been punished over the last several years, and for good reason, it's not sporting the bottom-barrel valuation it was months ago. It's true HP remains relatively cheap. Just how much opportunity still remains for investors interested in buying at today's levels? Not much enough to make it a buy, as Fool contributor Andrew Tonner explains below. 

Fool contributor Andrew Tonner has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. 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.