Analysts Bump Up Price Targets On This Tech Giant Post Q4 Success - HP (NYSE:HPQ)

Analysts bumped up price targets on HP Inc HPQ post Q4 beat.
BofA analyst Wamsi Mohan raised the price target to $33 from $29, implying fair-priced, and reiterated an Underperform.
HP reported fiscal Q4 results that beat Street consensus estimates.
Better-than-expected average selling prices for Personal Systems, where supply constraints helped HP price more competitively, and a higher contribution from commercial PCs/peripherals having improved the mix.
While Mohan notes that HP management expects higher PC revenues in FY22, he remains cautious on a bounce-back in PC unit sales given tougher comps linked to work from home-related purchasing during the pandemic.
Deutsche Bank analyst Sidney Ho raised the price target to $36 from $32, implying an 11.8% upside, and maintained a Hold following the "solid" fiscal Q4 results and Q1 guidance.
HP showed improved execution on the supply chain and a continued healthy demand environment in both its businesses, particularly on the enterprise side.
Wells Fargo analyst Aaron Rakers raised the price target to $35 from $30, implying 8.7% upside, and affirmed an Equal Weight.
The analyst notes HP reported upbeat Q4 results and guidance. The company benefited from a sharp increase in PC ASPs as it directed supply-constrained inventory toward commercial and high-end consumer units.
Rakers thinks that investors will focus on HP's ability to maintain ASP increases and PC margins heading into 2022 as supply chain pressures begin to ease and the company lowers PC backlog.
Price Action: HP shares traded higher by 3.32% at $33.26 in the premarket session on the last check Wednesday.

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