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.