Mizuho Securities Reiterates Neutral on HP, Inc. (HPQ) Following 3Q Report
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Mizuho Securities reiterated a Neutral rating and $12.00 price target on HP, Inc. (NYSE: HPQ) following the company's 3Q earnings report. HPQ reported revenues of $11.9bn, ahead of estimates of $11.5bn. EPS of $0.48 was above consensus' $0.44 and in-line with the upper-end of outlook.
Analyst Abhey Lamba commented, "HPQ reported better than expected results. PSG posted upside on share gains and better profitability. EPS benefited from divestiture-related one-time gains. Printing supplies remained challenged with management adjusting channel inventory as announced earlier this year. For FY16, the company updated its EPS range towards the lower-end due to investments in the printing business. Despite cheap valuation, we reiterate our Neutral rating and $12 PT on limited upside to estimates and await an update on accelerated capital returns."
Shares of HP, Inc. closed at $14.40 yesterday.
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