HP Inc. initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Michael Ng initiated coverage of HP Inc. with a Neutral rating and $26 price target. HP’s revenue and earnings should normalize lower in fiscal 2023 after benefiting from outsized PC demand during the pandemic due to hybrid work and corporate IT investments, the analyst tells investors in a research note. The firm sees limited visibility into the trajectory of the combined printing and PC markets "with less clear upside from growth initiatives."