Analysts remained cautious about HP Inc. post Q2 results. Barclays analyst Tim Long maintained HP with an Underweight and raised the price target from $29 to $32.
HP beat 2Q, driven by commercial and premium PC growth (primarily higher ASPs), while the Print segment was largely in-line. HP modestly raised the FY22 EPS guidance midpoint.
Long remains wary of PC growth, mainly driven by ASPs and earnings growth led specifically by buybacks.
Wells Fargo analyst Aaron Rakers maintained an Equal-weight on HP with a price target of $35. Rakers was upbeat on PC momentum and improving trends in the printing market.
He remained Equal Weight rated on HP as he believed investors would begin to focus more on peaking COVID-driven fundamentals in the mid/2H2021 time frame….