UPDATE: Loop Capital Downgrades HP, Inc. (HPQ) to Hold
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Loop Capital analyst Ananda Baruah downgraded HP, Inc. (NYSE: HPQ) from Buy to Hold with a price target of $29.00 (from $50.00).
The analyst comments "Moving to Hold at $29 PT from what has been one of our favorite Buy ratings the last 24 months. We continue to believe HPQ is foundationally well positioned for the next 5 years, is improving that positioning with the acquisition of POLY, and that the company remains underappreciated structurally. That being said, we also believe the unique confluence of three events the company spoke to in its 8/30 earnings call is creating a 2 – 3 Q recalibration event period which investors will require before looking to again build new core positions."
Shares of HP, Inc. closed at $28.71 yesterday.
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