- HP Inc. (HPQ.US) shares fell over 2% during today's session after Evercore ISI downgraded the information technology company to ‘in-line’ from ‘outperform’, saying PC “headwinds could get more severe.”
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Evercore cut HP earnings forecasts and lowered price target for its shares from $43 to $36 as it expects that the rest of the year will be difficult for the PC market and the company could end up with high inventory levels.
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“More broadly, there is a risk to both consumer and commercial demand as inflation persists and macro remains uncertain,” Evercore analyst Amit Daryanani wrote. “Important to note, the pain is more acute in consumer but could move into commercial.”
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In his opinion declining consumer demand in several markets, including Europe and China will have a negative impact on the PC sales, and expects that total industry shipments will drop below 300 million for the year.
HP Inc. (HPQ.US) stock launched today’s session lower, however sellers failed to stay below major support around $30.40, which is marked with previous rice reactions and 38.2% Fibonacci retracement of the upward wave started in March 2020. Source:xStation5
