HP's (HPQ) lowered fiscal 2025 EPS guidance is a reflection of headwinds like the impact of tariffs and execution, as well as management's conservatism for H2, and may leave the company in the "penalty box," Morgan Stanley said in a report Thursday.
"While we had expected [management] to guide down full year PC growth and EPS expectations at earnings, the magnitude of the guide-down was greater than we expected," the note said.
The investment firm lowered HP's price target to $26 from $29, while keeping the company's equal-weight rating.
Morgan Stanley said HP's fiscal Q2 results were mixed but the company's "EPS miss was notable."
The investment firm said it reduced its estimates for HP's fiscal 2025 EPS to $3.06 from $3.30, while the fiscal 2026 EPS estimate is now $3.32 from $3.67 previously, which is 12% and 9% below Street forecasts respectively.
HP shares were 5% lower in recent trading.
Price: 25.76, Change: -1.45, Percent Change: -5.31
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