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Wire

HP Facing Margin Pressures, Management to Execute Cost Mitigation Program, RBC Says

HP (HPQ) is facing margin pressures and secular declines in the Print segment, but management should be able to execute its cost-mitigation program, take out $1 billion in annualized run-rate savings by 2028, and get more share in premium verticals, RBC Capital Markets said in a note emailed Friday.Additionally, the company's "focus on hybrid AI at the edge, leveraging PCs, print, and device-management software as a connected platform" will likely back revenue growth inside HP's long-term goal of 2% to 4%, the note said.The company is well positioned to see benefits from the "confluence of AI PC adoption, the shift toward edge computing and enterprise requirements for data privacy," the note said.RBC said HP's personal computer unit volumes will likely decrease mid-teens year on year in H2 2026, but the investment firm expect "continued revenue growth in PS through a combination of pricing actions, share gains in premium categories, and deeper penetration of AI-enabled devices."The investment firm noted HP expects AI PC shipments of 60% to 70% by 2027, up from about 45% in Q3 2026 as companies "increasingly deploy local inference to address cloud token economics, latency constraints, and data governance requirements."RBC started coverage of HP with a sector perform rating and $33 price target.Price: $36.15, Change: $+3.42, Percent Change: +10.43%

$HPQ
Research

RBC Initiates HP Inc. at Sector Perform With $33 Price Target

HP (HPQ) has an average rating of hold and mean price target of $27.39, according to analysts polled by FactSet.

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Wire

HP Introduces AI-Focused OmniBook Laptops, OmniDesk Computer

HP (HPQ) said Friday it has unveiled the artificial intelligence-focused OmniBook Ultra 16, OmniBook X 14, and OmniDesk personal computers, powered by Nvidia's (NVDA) RTX Spark and Microsoft (MSFT) Windows.The hardware manufacturer built the new device portfolio for software developers and digital creators by adding localized AI processing capabilities, high-resolution OLED displays, and advanced thermal management architectures, the company said.The technology firm plans to release the two laptops through its direct online channels and commercial retailers this fall while withholding pricing specifics and exact desktop launch schedules until a later date, HP said.Price: $32.49, Change: $+0.56, Percent Change: +1.74%

$HPQ$MSFT$NVDA
Wire

Barclays Adjusts HP Price Target to $23 From $19, Maintains Underweight Rating

HP (HPQ) has an average rating of hold and mean price target of $26.33, according to analysts polled by FactSet.Price: $28.10, Change: $-2.42, Percent Change: -7.93%

$HPQ
Asia Markets

Update: Nvidia Results, Semiconductor Rally Lift US Equity Futures Pre-Bell

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly higher pre-bell Thursday as Nvidia's (NVDA) earnings and an upswing in semiconductor-related stocks lifted market sentiment.Dow Jones Industrial Average futures were 0.1% lower, S&P 500 futures were up 0.4%, and Nasdaq futures were 1% higher.Nvidia was up 6.2% after the company reported fiscal Q2 earnings and revenue late Wednesday that more than doubled from a year ago.The Trump administration is considering sweeping new tariffs on semiconductors that could extend to products containing chips, including laptops, gaming consoles and data center servers, Politico reported, citing unnamed sources familiar with the matter.Marvell Technology (MRVL) is expected to report its fiscal Q2 earnings after the market closes. Analysts polled by FactSet expect adjusted earnings of $0.93 per share on revenue of $2.72 billion.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.4% at $87.25 per barrel and US West Texas Intermediate crude 0.3% higher at $82.47 per barrel.The US advance international trade in goods deficit widened to $118.81 billion in July from $101.41 billion in June, compared with expectations to narrow to $100.5 billion in a survey compiled by Bloomberg. Initial jobless claims dropped to 203,000 in the week ended Aug. 22 from an upwardly revised 207,000 level in the previous week, compared with expectations for an increase to 208,000.The Federal Reserve's annual three-day Economic Policy Symposium in Wyoming begins in the morning, with Fed Chief Kevin Warsh slated to deliver keynote remarks on Friday.In other world markets, Japan's Nikkei closed 0.2% lower, Hong Kong's Hang Seng ended 0.3% lower, and China's Shanghai Composite finished 1.1% higher. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was 0.4% higher in Europe's early afternoon session.In equities, stocks of Marvell Technology and Micron Technology (MU) were up 4% and 4.2%, respectively, as part of a wider rally in the semiconductor sector. CrowdStrike (CRWD) shares were up 9.5% after the company posted better-than-expected fiscal Q2 results and boosted its fiscal 2027 net new annual recurring revenue guidance. Salesforce (CRM) stock was 10% higher after the company reported late Wednesday higher fiscal Q2 financial results and raised its fiscal 2027 guidance.On the losing side, Moderna (MRNA) shares fell 3.5% after the company said it plans to offer $2 billion worth of convertible senior notes due 2032 in a private placement. HP (HPQ) stock was down 12% despite the company posting higher adjusted earnings and revenue for fiscal Q3 on late Wednesday.

Dow JonesNasdaq CompositeS&P 500$CRM$CRWD$HPQ$MRNA$MRVL$MU$NVDA
Update: Equities Fall Intraday After Inflation Report; Nvidia Earnings On Deck
US Markets

Update: Equities Fall Intraday After Inflation Report; Nvidia Earnings On Deck

(Updates with latest market prices and developments.)US benchmark equity indexes drifted lower intraday as traders parsed the latest inflation data while awaiting technology bellwether Nvidia's (NVDA) financial results.The Nasdaq Composite and the Dow Jones Industrial Average were down 0.2% each at 26,093.1 and 53,460.6, respectively, after midday Wednesday. The S&P 500 edged down 0.1% to 7,671.6. The three indexes finished Tuesday trading higher, with the Dow rising for a third consecutive session.Among sectors, consumer discretionary and healthcare saw the steepest declines intraday Wednesday, while industrials paced the gainers.US inflation accelerated sequentially in July, keeping the Federal Reserve's preferred gauge for price increases well above its 2% target, while consumer spending growth eased, official data showed.US Treasury yields were mostly higher intraday, with the 10-year yield up 2.5 basis points at 4.66% and the two-year yield rising 2.2 basis points to 4.23%.Markets are currently pricing in a 60% probability that the Fed will keep its benchmark lending rate steady next month, with the remaining odds in favor of a 25-basis-point increase, according to the CME FedWatch tool.Nvidia shares were down 1.3% intraday, following a 2.2% increase in the previous session. The chipmaking giant is scheduled to report its fiscal second-quarter results after the closing bell Wednesday. The current consensus on FactSet is for non-GAAP earnings of $2.09 a share on revenue of $92.27 billion.In a recent note to clients, Morgan Stanley said Nvidia is expected to post strong second-quarter results, though investors are likely to focus more on its longer-term growth drivers.CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), HP (HPQ) and Urban Outfitters (URBN) are also scheduled to report results in the after-hours, along with others.In other company news, Intuit (INTU) shares fell 3.5% intraday, among the worst performers on the S&P 500, after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.Zoom Communications (ZM) shares slumped 6.4% as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat.Abercrombie & Fitch (ANF) shares surged 31% intraday Wednesday after the apparel retailer raised its full-year outlook as tariff-related refund benefits helped the company post fiscal second-quarter results above Wall Street's estimates.West Texas Intermediate crude oil was up 0.6% at $82.81 a barrel, while Brent advanced 0.3% to $88.80.The Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, the world's most important chokepoint for crude flows, Bloomberg News reported.Spot gold fell 1.4% to $4,593.34 per troy ounce, while silver lost 1.1% to $68.73 per ounce.

Dow JonesNasdaq CompositeS&P 500$ANF$CRM$CRWD$HPQ$INTU$NVDA$SNPS$URBN$ZM
Equity Futures Mixed Pre-Bell Ahead of Key Inflation Report, Nvidia Earnings
US Markets

Equity Futures Mixed Pre-Bell Ahead of Key Inflation Report, Nvidia Earnings

The main US equity measures were mixed in premarket activity Wednesday as traders await a key inflation report and the latest financial results of tech bellwether Nvidia (NVDA).The Nasdaq was down 0.1%, the Dow Jones Industrial Average was up 0.1%, while the S&P 500 was little changed before the opening bell. The three indexes finished Tuesday trading higher, with the Dow rising for a third consecutive session.The personal income and outlays report for July is scheduled to be released at 8:30 am ET. The report includes the personal consumption expenditure core price index, the Federal Reserve's preferred inflation metric, as well as data on consumer spending.Data are expected to show that core PCE -- which excludes food and energy prices -- increased 0.2% sequentially and 3.3% annually, according to a Bloomberg-compiled consensus.Treasury yields were mixed in premarket action, with the two-year rate retreating one basis point to 4.2% and the 10-year rate little changed at 4.64%.On Tuesday, Boston Fed President Susan Collins said the Fed may have to raise interest rates soon, unless inflation continues to cool.Markets are currently pricing in a 64% probability that the central bank will keep its benchmark rate steady next month, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.The second estimate report of the US second-quarter gross domestic product is also out at 8:30 am, along with the durable goods orders report for last month. Wednesday's economic calendar also has the weekly mortgage applications bulletin and weekly EIA domestic petroleum inventories report.Richmond Fed President Thomas Barkin is slated to speak at 11:45 am.Nvidia shares were up 0.4% pre-bell, following a 2.2% increase Tuesday. The chipmaking giant is scheduled to report its fiscal second-quarter results after the markets close Wednesday. The current consensus on FactSet is for non-GAAP earnings of $2.09 a share on revenue of $92.27 billion.In a recent note to clients, Morgan Stanley said Nvidia is expected to post strong second-quarter results, though investors are likely to focus more on its longer-term growth drivers.CrowdStrike (CRWD), Salesforce (CRM), Synopsys (SNPS), HP (HPQ) and Urban Outfitters (URBN) are also scheduled to report results in the after hours, while Williams-Sonoma (WSM), J.M. Smucker (SJM), Abercrombie & Fitch (ANF), Bath & Body Works (BBWI) and Kohl's (KSS) post before the bell, among others.West Texas Intermediate crude oil dropped 2.7% to $80.18 a barrel before the open, while Brent fell 3% to $85.97.The foreign ministers of Iran and Oman discussed a proposed framework Tuesday to establish "a joint temporary navigational corridor" through the Strait of Hormuz and implement a joint project to clear the crucial waterway of mines, news outlets reported. The two countries also reportedly agreed to continue technical talks for the future administration of the strait.Intuit (INTU) shares were down 9.8% pre-bell Wednesday after the tax and finance software maker overnight issued a soft fiscal 2027 outlook.Zoom Communications (ZM) fell 6.9% in premarket activity as the video communication platform late Tuesday provided a downbeat earnings outlook for its fiscal third quarter following a second-quarter beat.Gold fell 0.3% to $4,679 per troy ounce, while bitcoin dropped 0.7% to $78,340.

Dow JonesNasdaq CompositeS&P 500$ANF$BBWI$CRM$CRWD$HPQ$INTU$KSS$NVDA$SJM$SNPS$URBN$WSM$ZM
Wire

Dell, NetApp, HP Face Toughest Near-Term Earnings Setups, Morgan Stanley Says

Dell Technologies (DELL), HP (HPQ) and NetApp (NTAP) face the toughest earnings setups due to higher buyside expectations and valuation going into earnings, while Hewlett Packard Enterprise (HPE) has the most attractive setup, Morgan Stanley said Monday in an earnings preview on enterprise original equipment manufacturers.The firm said it expects a revenue and earnings per share beat for the July quarter for Dell, HP, NetApp, Hewlett Packard Enterprise and Everpure (P).The brokerage said it would remain a buyer of overweight-rated Hewlett Packard Enterprise into earnings, given its undemanding valuation and anticipated Networking outperformance, while leaning slightly more positive on equal weight-rated Dell given the magnitude of the expected fiscal 2027 EPS raise, according to the note.Morgan Stanley said it wouldn't be buyers on overweight-rated Everpure into earnings but would tap any post-earnings weakness ahead of its analyst day on Sept. 23. It remains modestly cautious into equal weight-rated NetApp's earnings, as a beat and raise is unlikely to support peak valuation, and is most cautious heading into underweight-rated HP's earnings given all-time high valuation and deteriorating personal computer and print trends, the note added.For Dell, the brokerage expects a strong fiscal Q2 print and a meaningful fiscal Q3 and fiscal 2027 guidance raise, with upside across traditional infrastructure and AI servers driving its fiscal Q2 revenue and EPS estimates of $47 billion and $5.45, respectively, exceeding Street consensus, according to the note.The brokerage remains most constructive on Hewlett Packard Enterprise into fiscal Q3 and expects another beat and raise, with the most notable change from last quarter being broader upside across both servers and networking, according to the note.The setup into HP's earnings is likely the most difficult, with better-than-feared fiscal Q3 results already priced into the valuation and the debate likely shifting to a declining fiscal Q4 and fiscal 2027 outlook, the note added.Price: $435.89, Change: $-6.19, Percent Change: -1.40%

$DELL$HPE$HPQ$NTAP$P
HP Poised for 'Slightly Better' Quarterly Personal Systems Revenue Growth, BofA Says
US Markets

HP Poised for 'Slightly Better' Quarterly Personal Systems Revenue Growth, BofA Says

HP's (HPQ) fiscal third-quarter personal systems revenue growth is expected to come in "slightly better" than the company's guidance, buoyed by pricing actions and market share recovery, BofA Securities said Wednesday.The brokerage expects the personal computer maker to log year-over-year revenue growth of 8% in its personal systems business for the third quarter when it reports results Aug. 26. The results are likely to be driven by pricing actions and "residual pull-in," BofA analyst Wamsi Mohan said in a note to clients. That would be "slightly better" than HP's own projections, Mohan wrote.In May, the company guided to a "below seasonal revenue performance" in the division in the quarter, "given first-half demand pull forward ahead of commodity price increases," Chief Financial Officer Karen Parkhill said at the time, according to a FactSet transcript.HP recovered PC market share in the second quarter of the 2026 calendar year, after losing around 130 basis points in the previous three-month period worldwide, BofA said Wednesday, citing preliminary industry data. In the US, the company's second-quarter market share grew by 40 basis points year over year, according to the note."We see (the third quarter) as another transition quarter, with the durability of (personal systems) demand, supply of memory, and the pace of mitigation actions (to offset memory headwinds) as the key points of debate," Mohan said.On the May call, Parkhill said HP expected personal systems margin to "reach a trough or a low point" in the fourth quarter due to the increasing cost of memory in the second half. Margins are expected to normalize in the first half of fiscal 2027 due to pricing dynamics and lapping easier revenue and margin comparisons, BofA said Wednesday.For the fourth quarter, the brokerage expects HP's personal systems revenue to decline by a low- to mid-single-digit percentage sequentially due to demand pull-in and higher exposure to consumer personal systems revenue, with the division's operating margins seen slightly below 4%.BofA expects the company to maintain its overall full-year guidance. In May, HP said it anticipated fiscal 2026 adjusted earnings between $2.90 and $3.10 a share. The current consensus on FactSet is for non-GAAP EPS of $3.02.The brokerage reiterated its underperform rating on HP's stock with an $18 price objective, citing factors such as slower PC unit growth and margin pressure.The company's shares were up 2.1% in Wednesday afternoon trade, bringing its year-to-date gains to 37%.Price: $30.33, Change: $+0.37, Percent Change: +1.23%

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Wire

HP Likely to Post Personal Systems Revenue Beat in Fiscal Q3, Bank of America Securities Says

HP (HPQ) is likely to post a higher-than-expected personal systems revenue in fiscal Q3, driven by pricing actions and residual pull-in despite worsening operating margin pressure, Bank of America Securities said in a Wednesday research report.The brokerage said fiscal Q3 is likely to be another transition quarter, given the durability of personal systems demand, memory supply, and the pace of mitigation actions, which could offset memory headwinds. The company is due to report fiscal Q3 results on Aug. 26.For fiscal Q4, BofA expects a company EPS guide of $0.65 to $0.75 and operating margins of 3.9%, given the trough quarter due to consumer mix and pricing lagging costs, according to the note.Bank of America reiterated its underperform rating on the stock and a price target of $18.Price: $30.05, Change: $+0.09, Percent Change: +0.30%

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Insider Trading

HP Insider Sold Shares Worth $631,019, According to a Recent SEC Filing

David P. McQuarrie, Chief Commercial Officer, on August 07, 2026, sold 21,048 shares in HP (HPQ) for $631,019. Following the Form 4 filing with the SEC, McQuarrie has control over a total of 39,580 shares of the company, with 39,580 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/47217/000195191226000007/xslF345X05/form4-08112026_090803.xml

$HPQ
Memory Price Surge Accelerating IT Hardware Spending, Morgan Stanley Says
US Markets

Memory Price Surge Accelerating IT Hardware Spending, Morgan Stanley Says

Information technology hardware companies in the US will likely benefit from accelerated enterprise spending amid a surge in memory prices that was previously expected to hurt the industry, Morgan Stanley said in a Monday note.Soaring memory chip prices driven by booming artificial intelligence demand is fueling what Morgan Stanley described as "chipflation."The brokerage had projected record component inflation to hit hardware spending, but is now seeing companies accelerate their purchases of personal computers, servers and storage arrays to avoid supply shortages and protect themselves from rising prices.Morgan Stanley upgraded the US IT hardware industry to "in line" from "cautious," saying "this cycle is driven by refresh, pull-forward (and) AI, making this a longer but still predominantly cyclical infrastructure upcycle."Morgan Stanley lifted Hewlett Packard Enterprise (HPE) and Everpure (P) to overweight from equal-weight and NetApp (NTAP) to equal-weight from underweight.The brokerage designated Hewlett Packard as its preferred enterprise hardware play in the US, citing factors including comparable exposure to enterprise infrastructure and an underappreciated networking business.Within peers, Everpure has "the most attractive combination" of storage spending exposure, share gains and attractive valuation, the investment firm said. For NetApp, it pointed to improving storage fundamentals supporting higher earnings estimates.While Dell Technologies (DELL) is set to see positive earnings revisions in the coming months due to its elevated server and storage exposure, its current valuation already reflects that underlying strength, Morgan Stanley said.Morgan Stanley is underweight on HP (HPQ) and Logitech (LOGI) given spending headwinds to PCs. The brokerage downgraded Teradata (TDC) to equal-weight from overweight."We also have to remain tactical, and signs of peaking estimate revisions will be our call to get more cautious again, and ride the other side of this upcycle," according to the research note.

$DELL$HPE$HPQ$LOGI$NTAP$P$TDC
Insider Trading

HP Insider Sold Shares Worth $294,462, According to a Recent SEC Filing

David P. McQuarrie, Chief Commercial Officer, on July 28, 2026, sold 10,524 shares in HP (HPQ) for $294,462. Following the Form 4 filing with the SEC, McQuarrie has control over a total of 81,676 common shares of the company, with 81,676 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/47217/000195191226000005/xslF345X05/form4-07302026_080700.xml

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Wire

JPMorgan Adjusts Price Target on HP to $27 From $26, Maintains Neutral Rating

HP (HPQ) has an average rating of hold and mean price target of $23.51, according to analysts polled by FactSet.Price: $23.48, Change: $-0.27, Percent Change: -1.16%

$HPQ
Nvidia Discloses New AI Chip to Power Windows PCs
US Markets

Nvidia Discloses New AI Chip to Power Windows PCs

Nvidia (NVDA) has announced a new artificial intelligence chip to power Microsoft (MSFT) Windows personal computers, called RTX Spark, entering the consumer PC processor market.RTX Spark delivers the full Nvidia AI and graphics technology stack to creators, AI developers and gamers, according to a joint statement on Sunday.RTX Spark will be available this fall from manufacturers including ASUS, Dell (DELL), HP (HPQ), Lenovo, Microsoft Surface and MSI, to be followed by models from Acer and GIGABYTE."The PC is being reinvented," Nvidia Chief Executive Jensen Huang said. "For forty years, you launched apps. Click. Type. With RTX Spark and Microsoft Windows, you ask -- and the PC does the work."These new PCs are designed for the era of personal AI agents, Nvidia said."This marks a key milestone in the rich, full-stack collaboration between Microsoft and Nvidia spanning gaming, AI and cloud -- from DirectX and RTX to Nvidia-accelerated AI workloads on Azure -- driving end-to-end innovation for our shared customers," Pavan Davuluri, executive vice president, Windows + Devices, said in a blogpost on Sunday. "These next-generation Windows PCs represent the next step on that journey."RTX Spark marks Nvidia's formal entry into the consumer PC processor market, Wedbush Securities said in a report on Monday."We believe (Nvidia's) previous work around using (graphics processing units) to enable AI workloads in PCs should benefit (its) push to define the agentic PC," Wedbush analyst Matt Bryson wrote. "But we also wonder how much even a successful implementation might mean for (Nvidia), given the ultimately small size of the PC market (vs. NVDA's accelerator business)."Nvidia's foray into the AI-enhanced consumer PC business could hurt Intel (INTC) in particular, Bryson said.Bryson sees "limited near-term competitive implications" from the Nvidia-Microsoft collaboration.Nvidia said it is collaborating with Adobe (ADBE) to "rearchitect" Adobe Premiere and Photoshop for RTX Spark.Shares of Nvidia were up 5% in Monday trading and Microsoft rose 2.6%. Adobe jumped 5.9%, while Intel fell 3.2%. Dell and HP gained 8.3% each.Price: $221.79, Change: $+10.65, Percent Change: +5.04%

$ADBE$DELL$HPQ$INTC$MSFT$NVDA
Wire

Top Midday Stories: Oil Rises After Iran Reportedly Says It's Halting Messages With US; Nvidia Launches New AI Chip for Laptops

The Dow Jones Industrial Average was down, while the S&P 500 Index and Nasdaq Composite were roughly flat in late-morning trading Monday, as oil prices rose after Iranian state media disclosed that Iran would halt messages with the US over Israel's military operations in Lebanon.In company news, Nvidia (NVDA) said Monday it has launched RTX Spark, a new AI chip that will feature in Microsoft (MSFT) Windows laptops and desktop personal computers. The chip features an Nvidia Blackwell RTX graphics processing unit, 1 petaflop of AI compute and 128gb of unified memory, Nvidia said. RTX Spark will power its Windows laptops, including Microsoft Surface, and those of its PC partners ASUS, Dell (DELL), HP (HPQ), Lenovo and MSI, Microsoft said in a blogpost. Nvidia shares were up 3.9%, while those of Microsoft, Dell and HP were up 2.0%, 8.5% and 7.2%, respectively.People Inc. said Monday it has submitted a non-binding proposal to acquire all outstanding MGM Resorts International (MGM) shares it doesn't already own for $48.30 per share in cash. The proposal represents a 24.1% premium to the volume-weighted average price of MGM common stock for the 30 trading days ending on May 29, People said. MGM shares were up 16.5%.Taylor Morrison Home (TMHC) has agreed to be acquired by Berkshire Hathaway (BRK.A, BRK.B) for $6.8 billion in cash and a total enterprise value of about $8.5 billion, the companies said Sunday. Berkshire will pay $72.50 per share, a 24% premium to Taylor Morrison's latest closing price of $58.50 on May 29, the companies said. The deal is expected to close in H2, at which point Taylor Morrison will continue to be managed by its existing management team, the companies said. Taylor Morrison shares were up 22.6%, while Berkshire's Class A and Class B shares were down 0.7% and 0.8%, respectively.Constellation Energy (CEG) has priced an underwritten secondary offering of 11 million shares at $281 apiece, the company said Monday. Underwriters have a 30-day option to buy an extra 1.35 million shares, and Constellation said it will repurchase 2 million shares from the underwriters at the offering price under its existing buyback program. Constellation shares were down 5.8%.Salesforce (CRM) said Monday it will invest $2 billion in France through 2030, including the launch of an AI Innovation Hub in Paris for developing, testing and deploying AI applications. Salesforce shares were up 10.2%.Price: $219.23, Change: $+8.09, Percent Change: +3.83%

$BRK.A$BRK.B$CEG$CRM$DELL$HPQ$MGM$MSFT$NVDA$TMHC
Research

Research Alert: CFRA Maintains Sell Opinion On Shares Of Hp Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our price target by $1 to $17, 6x our FY 27 (Oct.) EPS view ($2.83), below HPQ's three-year historical average (~8x) given structural headwinds and rapid memory price increases. We raise our FY 26 EPS view by $0.08 to $2.99 and lower FY 27's by $0.15 to $2.83. Q2 results were impressive on paper, led by Personal Systems (71% of sales) growing by 10% in constant currency, up from Q1's 9% growth pace. Still, we think sales results are being boosted by unsustainable pull-in effects amid the rising price environment, and we expect HP to soon run out of lower-cost inventory that is allowing it to sustain its resilient margin performance (non-GAAP operating margin 7.5% in Q2, up 20 bps Y/Y). AI PCs should continue rising as a proportion of the PC mix (following a solid 44% contribution in Q2, +900 bps Q/Q), but we think this positive is more than offset by cost volatility that not only includes memory components but increasingly oil-based resins for the Printing business (59% of non-GAAP operating profit).

$HPQ
Wire

HP's Fiscal Q2 Better-than-Feared, but Uncertainties Remain, Morgan Stanley Says

HP's (HPQ) fiscal Q2 was better-than-feared, but several uncertainties, including the elasticity response to higher prices, remain, Morgan Stanley analysts said in a Thursday note.Analysts said the decline in personal computer unit sales is expected to accelerate in calendar Q2 and the second half of the year. They noted that PC margins are also expected to contract.Morgan Stanley said that the upcoming pricing regime is "entirely uncharted," noting that when combined with an acceleration of enterprise customer purchases in the first half of the year and consumer demand already getting softer, there is a greater risk of Personal Systems underperformance.Morgan Stanley raised HP's 2026 earnings per share estimate to $2.94 from $2.60, and its 2027 estimate to $2.65 from $2.37.Analysts retained an underweight rating on the stock, but raised its price target to $19 from $17.Price: $25.07, Change: $-0.42, Percent Change: -1.65%

$HPQ
Wire

BofA Securities Adjusts HP Price Target to $18 From $16

HP (HPQ) has an average rating of Hold and mean price target of $22.57, according to analysts polled by FactSet.Price: $25.18, Change: $-0.33, Percent Change: -1.29%

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Research

Research Alert: Hpq: Decent Q2, Driven By Price Increases; Fy 26 Guidance Largely Maintained

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:HP's Q2 FY 26 results exceeded consensus with revenue of $14.41B (+9% Y/Y) vs. $14.07B estimate and non-GAAP EPS of $0.86 (+21%) vs. $0.72 consensus, with operating margin of 7.5% up 20 bps. Personal Systems grew 13% driven entirely by price increases while units declined 7%, and operating margin expanded 70 bps to 5.2% despite elevated component costs. We believe AI PC momentum provides upside as shipments reached 44% of mix (up from 35% prior quarter), though we expect consumer demand destruction as prices rise with memory/CPU costs. Management maintained FY 26 guidance with non-GAAP EPS of $3.00 midpoint, down from $3.05 but improved versus prior commentary, and free cash flow of $2.9B. We see downside to estimates given component price volatility, as recent price-increase-driven growth is likely unsustainable medium-term while Printing continues structural decline with revenue down 2% despite maintaining strong 18.3% operating margins.

$HPQ

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