HP Inc

HPQ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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HP Earnings: Results Roughly as Expected, Maintaining Our Fair Value of $33

Eric Compton

Feb 28, 2025

No-moat-rated HP reported first-quarter earnings that were roughly as expected. Revenues were just ahead of our expectations, while margins were a bit lower, bringing adjusted EPS of $0.74 exactly in line with our forecast. Key trends were directionally as we expected, with weakness in consumer PCs and commercial printers, while commercial PCs saw strength. Given there were no big surprises, we are maintaining our fair value estimate of $33 per share and view shares as fairly valued.

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HP Inc

HP Earnings: Results Roughly as Expected, Maintaining Our Fair Value of $33

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