HP Inc (HPQ) shares took a significant hit during Tuesday's trading session, plummeting 5% as major financial institutions revised their outlook on the stock. The sharp decline comes in the wake of downward adjustments to price targets by two prominent Wall Street firms.
Morgan Stanley made a notable move by cutting its target price for HP Inc from $35.00 to $25.00, signaling a less optimistic view of the company's near-term prospects. This substantial reduction in the price target likely contributed to the negative sentiment surrounding the stock.
Adding to the pressure, Goldman Sachs also adjusted its stance on HP Inc. The investment bank lowered its price target from $39 to $27, while maintaining a neutral rating on the stock. This adjustment represents another blow to investor confidence in HP's growth potential.
These revisions from major financial institutions have evidently shaken investor confidence, leading to the significant sell-off observed in HP Inc's stock. The market's reaction underscores the weight that analyst opinions carry in shaping investor sentiment and driving stock price movements.
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