HP Joins The Mega Tech Layoff Frenzy; Here's A Look At Recent Price Target Cuts By The Most Accurate Analysts

HP Inc. HPQ announced plans to reduce up to 6,000 jobs by the end of fiscal 2025. The company reported a 11% drop in revenue for the fourth quarter and also issued weak profit forecast for the current quarter.

HP raised its quarterly dividend from $0.25 to $0.2625 per share.

HP shares gained 2.1% to $30.00 in the after-hours trading session.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

• B of A Securities analyst Wamsi Mohan maintained an Underperform rating on November 18, 2022, but lowered the price target from $30 to $27. Mohan sees around 8% downside in the company’s stock and has an accuracy rate of 78%.
• Citigroup’s analyst Jim Suva reiterated a Neutral rating on the stock on November 18, 2022, but cut the price target from $33 to $31. This analyst sees over 5% upside in the company’s stock but has an accuracy rate of 64%.
• Credit Suisse’s analyst Shannon Cross downgraded the company’s stock from Outperform to Neutral on November 18, 2022, with a price target of $33. Cross sees around 12% upside in the company’s stock but has an accuracy rate of only 20%.
• Morgan Stanley’s analyst Erik Woodring maintained an Underweight rating on the stock on October 17, 2022, but slashed the price target from $28 to $24. Woodring sees around 18% downside in the company’s stock and has an accuracy rate of 33%.
• Loop Capital’s analyst Ananda Baruah downgraded the company’s stock from Buy to Hold on November 18, 2022, and slashed the price target from $50 to $29. This analyst sees around 1% downside in the company’s stock and has an accuracy rate of 65%.