From Underperform To Buy: Why BofA Sees HPQ's Growth Potential Amid Tight Cost Controls And Profitable Print Projects
Portfolio Pulse from Nabaparna Bhattacharya
BofA Securities analyst Wamsi Mohan has upgraded HP Inc. (NYSE:HPQ) from Underperform to Buy, raising the price target to $33 from $25. The upgrade is based on an improved Free Cash Flow (FCF) outlook, the resumption of capital returns, and the company's growth potential amid tight cost controls and profitable print projects. Mohan expects HPQ to achieve a bottom in FCF in FY23, driving subsequent growth from an improving PC outlook and lowering restructuring costs. The analyst also anticipates a low single-digit percentage of EPS growth due to the resumption of capital return.
October 03, 2023 | 7:03 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
HP Inc. has been upgraded from Underperform to Buy by BofA Securities, with a raised price target of $33. This is based on an improved FCF outlook, the resumption of capital returns, and the company's growth potential.
The upgrade from BofA Securities is a positive signal for HP Inc. The raised price target indicates the analyst's confidence in the company's growth potential and improved financial outlook. This could lead to increased investor confidence and potentially a rise in the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100