HP (HPQ) PT Raised to $16 at RBC Into Analyst Day
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RBC Capital analyst Amit Daryanani bumped his price target on HP, Inc. (NYSE: HPQ) to $16.00 (from $14.00) but maintained a Sector Perform rating into the upcoming October 13th Analyst Day event.
Daryanani commented, "Heading into HPQ's analyst day, we think the key focus areas will be – 1) Printing: expect updated details for printing strategy & timeline for Supplies recovery following channel actions and announced acquisition of Samsung's printing business, 2) FCF Generation: Given HPQ is likely positioned to achieve ~$2.3B of FCF in FY16, focus will be on their FY17 target (we think $2.4-2.8B is reasonable with lower restructuring partially offset by cash-cycle days), 3) PCs: We expect outlook for PCs to improve given improved PC data points vs. HPQ's below seasonal guide, 4) Growth Vectors: details on 3D printing product suite, market opportunity, and A3 copier aspirations, and 5) Restructuring: progress on current restructuring initiatives and impact from Samsung printing acquisition. Maintain SP rating and raising target to $16 to reflect improved sentiment."
Shares of HP, Inc. closed at $15.58 yesterday.
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