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Monday, December 6, 2021

Analysts Raised Price Targets Following Q4 Success of This Tech Giant

Analysts raised target price levels for HP Inc.

BofA analyst Vamsi Mohan raised the target price to $ 33 from $ 29, implying a fair price, and confirmed that the results are as listed below.

HP reported 4Q financial results that beat the Street consensus.

Average selling prices for personal systems were higher than expected as supply constraints helped HP establish a more competitive price, and higher input from commercial PCs / peripherals improved value for money.

While Mohan notes that HP expects higher PC revenues in fiscal 22, he remains cautious about recovering PC sales given the tighter payouts associated with home purchases during the pandemic.

Deutsche Bank analyst Sidney Ho raised its target price to $ 36 from $ 32, implying 11.8% upside potential, and retained Hold after solid 4Q results and 1Q forecasts.

HP has demonstrated improved supply chain performance and an ongoing healthy demand environment in both of its divisions, especially on the corporate side.

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Wells Fargo analyst Aaron Rikers raised the target price to $ 35 from $ 30, suggesting 8.7% upside potential, and reiterated the equal weight.

The analyst notes that HP has released optimistic 4Q results and forecasts. The company has benefited from a sharp increase in ASP for PCs as it channeled its limited-supply inventory to commercial and high-end consumer devices.

Rakers believes investors will focus on HP’s ability to sustain ASP growth and PC profitability in 2022 as supply chain pressures begin to ease and the company reduces backlog of PCs.

Price Action

HP shares closed 10.10% higher at $ 35.44 on Wednesday.

Author: Anusuya Lahiri

© 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.

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