JPMorgan analyst Samik Chatterjee upgraded HP Inc. to Overweight from Neutral with a price target of $35, up from $30. The analyst says the latest data points in relation to PC shipments reinforce the firm’s view of a second half of 2023 recovery. The recovery in the PC end market will benefit both HP and Dell, but should benefit HP more on account of an earlier recovery in PCs as an end market relative to demand for IT infrastructure products from enterprise, the analyst tells investors in a research note.
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