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Notebook and Consumer Printing Drives HP’s Q1; Raising FVE to $23

Mark Cash Senior Equity Analyst

Analyst Note

| Mark Cash |

No-moat HP reported top- and bottom-line numbers above our expectations as work from home and school enablement tools remain highly sought after. Demand for HP’s notebook computers and home printers soared as widespread shelter-in-place orders remain due to COVID-19. While we still believe the computer and printing markets face long-term secular headwinds, the importance of connectivity and business enablement has buoyed our outlook. We are raising our fair value estimate to $23 per share from $20. With shares currently trading around $28 per share, we recommend investors wait for a wider margin of safety.

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Company Profile

Business Description

HP Inc. is a leading provider of computers, printers, and printer supplies. The company's three operating business segments are its personal systems, containing notebooks, desktops, and workstations; and its printing segment which contains supplies, consumer hardware, and commercial hardware; and corporate investments. In 2015, Hewlett-Packard was separated into HP Inc. and Hewlett Packard Enterprise and the Palo Alto, California-based company sells on a global scale.

1501 Page Mill Road
Palo Alto, CA, 94304
T +1 650 857-1501
Sector Technology
Industry Computer Hardware
Most Recent Earnings Oct 31, 2020
Fiscal Year End Oct 31, 2020
Stock Type Cyclical
Employees 53,000