HP Faces Price Target Cuts By Analysts After Weak Sales, Shares Slide

HP Inc. HPQ reported weaker-than-expected sales results for its third quarter and lowered its full-year earnings guidance.

The company said it expects full-year earnings to be between $4.02 and $4.12 per share versus the estimate of $4.30 per share. HP previously guided for full-year earnings to be in a range of $4.24 to $4.38 per share.

HP shares fell 6.2% to $29.18 in pre-market trading.

Several analysts made changes to their price targets on HP today.

• Credit Suisse cut the price target on the stock from $39 to $33. Credit Suisse analyst Shannon Cross maintained an Outperform rating on the stock.
• Wells Fargo lowered price target on the stock from $30 to $25. Wells Fargo analyst Aaron Rakers maintained HP with an Underweight.
• UBS reduced the price target on the stock from $40 to $32. UBS analyst David Vogt maintained HP with a Neutral.
• Barclays cut the price target on the stock $32 to $27. Barclays analyst Tim Long maintained the stock with an Underweight rating.