HP Inc. price target lowered to $32 from $33 at BofA

BofA lowered the firm’s price target on HP Inc. to $32 from $33 and keeps a Buy rating on the shares. Fiscal Q1 revenue came in below expectations, but despite the weaker than expected revenue, HP delivered EPS that was slightly below the firm’s estimate but in line with the Street estimate, the analyst tells investors. The FY24 EPS outlook was unchanged and free cash flow guidance, which the firm believes is “the most important metric,” was maintained at $3.1B-$3.6B despite near-term weakness in the commercial PC market, the analyst added.