HP Analyst Remains On The Sidelines After Q4 Print: 'PC Market Trends Are Stable'
Portfolio Pulse from Priya Nigam
HP Inc (NYSE:HPQ) reported better-than-expected results for its fiscal fourth quarter, driven by gains in Print supplies and PC pricing. Despite a below-consensus guide for F1Q, trends in the PC market are considered stable. Morgan Stanley's analyst Erik Woodring maintains an Equal-Weight rating and a price target of $31 on HPQ. Cisco Systems Inc's (NASDAQ:CSCO) recent earnings had made investors wary, but HP's results may reassure stability in PC market demand. HPQ shares rose 4.09% to $29.00 following the earnings release.
November 22, 2023 | 4:33 pm
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POSITIVE IMPACT
HP Inc reported fiscal Q4 earnings above estimates, with stable PC market trends and a 4.09% rise in share price to $29.00. Morgan Stanley maintains an Equal-Weight rating and $31 price target.
The positive earnings report and the reassurance of stable PC market trends are likely to instill investor confidence in the short term, contributing to a potential continued rise in HPQ's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Cisco Systems Inc's recent earnings had initially caused concern over near-term enterprise demand, but HP's stable PC market commentary may alleviate some investor worries.
While CSCO's earnings had a negative impact on investor sentiment regarding enterprise demand, HP's results and commentary on the PC market could neutralize some of the negative sentiment towards CSCO in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50