HP Earnings: Results In Line With Expectations; Raising Our Fair Value to $33

No-moat-rated HP reported fourth-quarter results that largely aligned with our expectations. The 2025 outlook was also about what we expected, although arguably the revenue outlook was a bit soft, implying a low-single-digit percentage revenue growth rate for the year. Non-GAAP earnings per share growth is still expected to grow closer to 10%. After updating our projections, primarily slightly lowering our revenue growth assumptions but improving our margin assumptions, we raise our fair value estimate to $33 per share from $32, largely due to the time value of money.