HP Taking Advantage of the Remote Work and School Notebook Demand Tailwinds

We expect HP to remain a leader in the personal computer and printing markets; however, these markets are facing challenging long-term growth prospects, in our view. Industry shifts toward using mobile devices as computer supplements or replacements and fewer printing tasks being performed for economic and environmental reasons may create headwinds for HP. We believe that HP's growth initiatives will expand its market share within the PC and printing industries as consolidation occurs, but we expect cost competitiveness among the remaining vendors to limit potential upside.