HP's Strong Q3 Performance: HP reported solid Q3 results, alleviating market concerns regarding PCs and printing, leading JPMorgan to maintain an Overweight rating and raise the price target to $30.
AI PC Adoption Impact: AI PCs now constitute 25% of HP's product mix, contributing to revenue growth alongside the Windows 11 upgrade cycle, with expectations for continued momentum into 2026.
Revenue and Margin Stability: The company achieved $13.9 billion in revenue, with Personal Systems and Print revenues meeting estimates, while maintaining print margins at 17.3% despite competitive pressures.
Future Outlook: HP anticipates mid-single-digit growth in the PC market for the latter half of fiscal 2025, while projecting a slight decline in the print market through 2026, supported by strategic execution and supply chain diversification.
HPQ
$24.69+Infinity%1D
Analyst Views on HPQ
Wall Street analysts forecast HPQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HPQ is 25.08 USD with a low forecast of 20.00 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
Wall Street analysts forecast HPQ stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for HPQ is 25.08 USD with a low forecast of 20.00 USD and a high forecast of 30.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Buy
9 Hold
3 Sell
Hold
Current: 24.740
Low
20.00
Averages
25.08
High
30.00
Current: 24.740
Low
20.00
Averages
25.08
High
30.00
Goldman Sachs
Neutral
downgrade
$28 -> $24
2025-11-26
Reason
Goldman Sachs
Price Target
$28 -> $24
2025-11-26
downgrade
Neutral
Reason
Goldman Sachs lowered the firm's price target on HP Inc. to $24 from $28 and keeps a Neutral rating on the shares. HP posted in-line EPS with a modest revenue beat, and its FY26 outlook calls for revenue growth ahead of the market driven by AI PCs, Workforce Solutions, and subscription/industrial print categories, the analyst tells investors in a research note. However, FY26 EPS guidance came in below consensus due to sharply higher memory costs pressuring Personal Systems margins, which are expected to recover gradually starting mid-2027, aided by a new multi-year cost-savings program, Goldman says.
Morgan Stanley
Underweight
downgrade
$21 -> $20
2025-11-26
Reason
Morgan Stanley
Price Target
$21 -> $20
2025-11-26
downgrade
Underweight
Reason
Morgan Stanley lowered the firm's price target on HP Inc. to $20 from $21 and keeps an Underweight rating on the shares. FY26 guidance embeds 30c, or about 10%, of EPS headwinds from memory inflation, primarily in PCs, but doesn't embed much end-market demand elasticity from higher prices and assumes an improving print market, notes the analyst, who is cutting the firm's "below-Street EPS further" as the firm still believes risks are "biased downward."
JPMorgan
Neutral
downgrade
$30 -> $25
2025-11-26
Reason
JPMorgan
Price Target
$30 -> $25
2025-11-26
downgrade
Neutral
Reason
JPMorgan lowered the firm's price target on HP Inc. to $25 from $30 and keeps a Neutral rating on the shares following the fiscal Q4 report. The firm says concerns of a "tough" operating environment in fiscal 2026 were manifested in HP's outlook.
TD Cowen
Hold
downgrade
$28 -> $26
2025-11-26
Reason
TD Cowen
Price Target
$28 -> $26
2025-11-26
downgrade
Hold
Reason
TD Cowen lowered the firm's price target on HP Inc. to $26 from $28 and keeps a Hold rating on the shares. The firm said Memory price increases and supply scarcity is a key factor in the company's below-consensus FY26 EPS outlook ($0.30 memory impact F2H weighted) and likely precipitated the latest $1B cost restructuring plan.
About HPQ
HP Inc. is a global provider of sustainable devices, services and subscriptions for personal computing (PC), printing, three-dimensional (3D) printing, hybrid work, gaming and other related technologies. The Company’s segments include Personal Systems, Printing and Corporate Investments. Its Personal Systems segment offers desktops, notebooks, and workstations, thin clients, retail point-of-sale (POS) systems, displays, hybrid systems, software, solutions including endpoint security and services. Its Printing segment provides consumer and commercial printer hardware, supplies, services and solutions. Printing is also focused on graphics and 3D printing and personalization in the commercial and industrial markets. Its Corporate Investments segment includes certain business incubation and investment projects. Its security solutions provide layered resiliency using features such as containment and isolation technology as well as artificial intelligence (AI) deep learning.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
