- JPMorgan analyst Paul Coster downgraded HP Inc HPQ to Neutral from Overweight with a price target of $30, down from $35, implying an upside of 5.45%.
- Coster notes that concerns around the PC cycle, which are unlikely to dissipate in the near term, have restricted HP's upside.
- Coster downgrades HP even though his expectations for the PC volume cycle "remain higher relative to more bearish investor expectations."
- Coster believes investors are focusing on company-specific drivers that have "remained limited."
- Price Action: HPQ shares traded lower by 0.8% at $28.35 in the premarket session on the last check Wednesday.
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