Citi downgraded HP Inc. to Neutral from Buy with an unchanged price target of $37. The firm cites a more cautious view of the PC recovery in the second half of 2024 for the downgrade. Recent channel checks in the PC ecosystem suggest the near-term PC refresh opportunity remains protracted, given macro uncertainty and Windows 10 security patch extensions, while artificial intelligence impacts are likely further out into 2026 and 2027, the analyst tells investors in a research note. Citi sees print headwinds persisting for HP in “aggressive” hardware pricing and says continued Chinese macro weakness is likely to limit positive estimate revisions ahead.
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