JPMorgan has raised its price target for HP Inc (HPQ.US) to $30 from $27, while maintaining an "overweight" rating. The upgrade follows HP Inc's third-quarter earnings report, which demonstrated robust demand trends in the personal computer (PC) market.

JPMorgan analyst Samik Chatterjee noted that these trends are expected to reduce the risk of downward revisions to fiscal 2025 performance expectations, creating a positive outlook for HP Inc's future trajectory.

The earnings report showed that for the third quarter of fiscal 2025 ending July 31, HP Inc posted revenue of $13.9 billion, up 3.1% year-over-year and beating analyst consensus estimates of $13.7 billion. Adjusted earnings per share came in at $0.75, surpassing the analyst average expectation of $0.74.

During the third quarter, HP Inc's Personal Systems business generated revenue of $9.9 billion, representing a 6% year-over-year increase, while PC unit sales grew by 6%. The company anticipates that PC unit sales will continue to achieve "mid-single-digit" growth in the fourth quarter.