Analysts at Caris & Company are positive about the future of companies that are involved in high-definition (HD) media.

The analysts have raised their expectations for HP, emphazising that the company's most important growth opportunity lies in high-definition media.

Caris suggested that HP probably has the most complete line of systems required to benefit from the technology, noting that: "In aggregate, these HD media markets could add $40 billion to HP's top-line in the next three to five years."

Caris told Forbes: "We expect the market for personal computers to be transformed significantly," citing increasingly "high-tech" products that are expected to push aside "cheap-tech" commodities.

"We believe that HP has both the technology and customer relationships to exploit these market shifts," said the analysts.

Apple CEO Steve Jobs announced that 2005 would be the year of high definition at the Macworld San Francisco keynote this January.