HP

HPQ · NYSE

$31.21+$0.97 (+3.21%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $30.24

HPQ analyst rating

SellConsensus of 11 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold6
Underperform4
Sell1

12-month price target · 20 analysts

Average $27.23 (−12.8% downside)

Low: $19.19
Now: $31.21
High: $35.49

Upgrades and downgrades

The latest rating actions, newest first

HPQ analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 11, 2026	Initiates	Sector Perform	$33.00	50%
Barclays	Aug 28, 2026	Maintains	Underweight	$19.00 → $23.00	58%
TD Cowen	Aug 27, 2026	Maintains	Hold	$26.00 → $30.00	56%
UBS	Aug 27, 2026	Maintains	Neutral	$26.00 → $28.00	65%
Morgan Stanley	Aug 27, 2026	Maintains	Underweight	$17.00 → $19.00	63%
Morgan Stanley	Aug 24, 2026	Maintains	Underweight	$19.00 → $17.00	63%
Evercore ISI Group	Aug 24, 2026	Maintains	In-Line	$25.00 → $32.00	65%
Goldman Sachs	Aug 12, 2026	Maintains	Sell	$19.00 → $21.00	68%
Goldman Sachs	Jun 2, 2026	Maintains	Sell	$16.00 → $19.00	68%
UBS	May 28, 2026	Maintains	Neutral	$20.00 → $26.00	65%

The case for and against

Updated Oct 18, 2026

Bull case

HP is well positioned by its dominant scale in PCs and printing, its commercial-first mix, and its broad global reach with only one-third of sales coming from the US, which reduces dependence on any single market. It also benefits from a highly efficient asset-light model, since it completely outsources manufacturing and leans on channel partners, while still preserving pricing power and cost discipline in a mature but durable franchise. The cited results support that view: HPQ’s Apr '26 quarter beat Street forecasts, gained PC market share, and lifted the AI PC mix to 44% from 35% in F1Q, with FY26 EPS revised to $2.90-$3.10 and FCF of $2.8-$3.0B.

Bear case

HP is facing a fundamentally weaker Personal Systems backdrop, with 1Q26 PS units down 7% year over year even as revenues rose 13% on pricing, indicating that demand is being sustained by higher prices rather than healthier volume. Management’s own outlook points to further pressure, as higher memory and cost inflation are expected to drive below-seasonal demand, negative price elasticity, and a high-double-digit percentage decline in PC units for 2H26. With operating margin in Personal Systems expected to stay below the 5%-7% target range for the remainder of FY26, the business appears set up for margin compression rather than durable earnings growth.

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