HP Inc. upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded HP Inc. to Equal Weight from Underweight with a price target of $31, up from $28. The PC market is bottoming, which historically precedes HP stock outperformance, though the company is also facing challenges to the print business, the analyst tells investors in a research note. Morgan Stanley adds that it sees HP’s FY23 as "back-end loaded" and believes that its slowing cap returns are likely to limit outperformance for the stock.