Jan. 16 at 10:59 AM
$HPQ
Analyst Downgrades
$HPQ to Underweight from Equalweight, Lowers PT to
$18 from
$24
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Analyst comments: "While we see the stock as inexpensive (~7x P/E), we believe secular challenges across both PCs and Printing, combined with a lack of catalyst, will cause the stock to remain pressured in 2026. Additionally, we expect the current memory cycle to pressure HPQ’s PC business (~30% of Personal Systems is Consumer) with further downside potential in the year. We lower our PT to
$18 (from
$24) on a 6x (down from 8x) P/E multiple on our FY27 EPS estimate of
$3.03 (unchanged). We view 6x as reasonable, given the acute memory cycle and flattening PC refresh."
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