BofA analyst Wamsi Mohan upgraded HP Inc. to Buy from Underperform with a price target of $33, up from $25, based on its expectation of the company achieving a bottom in free cash flow in FY23 and driving subsequent growth from an improving PC outlook and lower restructuring costs. The firm forecasts growth in overall operating profit dollars through a combination of print projects such as large tank, instant ink, graphics and 3D print) and tight cost controls and sees the resumption of capital return as free cash flow normalizes, the analyst tells investors.
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