Mizuho Securities Remains Sidelined on HP, Inc. (HPQ) Following 4Q
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Mizuho Securities reiterated a Neutral rating and $14.00 price target on HP, Inc. (NYSE: HPQ) following the company's 4Q earnings report. HPQ reported total revenue of $12.5bn, ahead of the consensus estimate of $11.9bn. Upside in the quarter was driven by PSG performance of +4% Y/Y with management calling out better execution leading to market outperformance.
Analyst Abhey Lamba commented, "HPQ reported better than expected fourth quarter revenues while EPS was in-line. PSG drove outperformance on better consumer units into the holiday season while printing remained weak due to the ongoing supplies inventory adjustment announced earlier this year. For outlook, management reiterated its FY17 EPS forecast. We acknowledge n-t PSG traction, however, we continue to view the end-market as challenged beyond n-t product cycles. We remain on the sidelines as we see limited upside to estimates in the n-t. Maintain Neutral rating and $14 PT."
Shares of HP, Inc. closed at $15.95 yesterday.
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