HP Inc. price target lowered to $39 from $40 at JPMorgan

JPMorgan analyst Samik Chatterjee lowered the firm’s price target on HP Inc. to $39 from $40 and keeps an Overweight rating on the shares post the fiscal Q3 report. The results highlighted the uneven macro recovery that has been challenging to predict, the analyst tells investors in a research note. While some part of the seasonal volume recovery is materializing as expected, the promotional environment on account of higher PC industry inventory is leading to expectations for a modest revenue recovery than earlier expected, says the firm. However, JPMorgan still believes HP Inc. should see “robust” revenue and earnings ramp.