Why HP Stock Is Hitting 52-Week Lows Today

HP Inc HPQ shares are trading lower Wednesday after the company reported weak financial results and cut full-year guidance.

HP said fiscal third-quarter revenue decreased 4.1% year-over-year to $14.7 billion, which missed average analyst estimates of $15.7 billion, according to Benzinga Pro. The company reported quarterly earnings of $1.04 per share, which was in line with average analyst estimates. 

"We are taking clear actions to mitigate near-term market headwinds and further strengthen our business for the future," said Enrique Lores, president and CEO of HP.

HP expects fourth-quarter earnings to be between 79 cents and 89 cents per share versus the estimate of $1.06 per share. The company lowered full-year earnings guidance from a range of $4.24 to $4.38 per share to a range of $4.02 to $4.12 per share versus the estimate of $4.30 per share. 

Analyst Assessment: Several analysts cut price targets on the stock following the company's quarterly results. 

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

See Also: Bed Bath & Beyond Announces Strategic Plan To Restructure, Shares Plunge

HPQ Price Action: HP is making new 52-week lows on Wednesday. 

The stock was down 6.53% at $29.07 at press time, according to Benzinga Pro.

Photo: Andrew_Writer from Flickr.