Bernstein analyst Toni Sacconaghi lowered the firm’s price target on HP Inc. to $29 from $30 and keeps a Market Perform rating on the shares. The analyst sees IT hardware as a "structurally challenged sector," with trading stocks rather than core long term holdings. Citing continued macro uncertainty into 2023, Sacconaghi encourages investors to begin the year by looking for names with "attractive valuations, good earnings visibility and a track record of strong execution." He recommends a modest overweight in IT hardware.
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