Strong PC Demand Boosts HP’s 3Q, Shares Gain 6%
Shares of HP Inc. rose 6.2% on Friday after the personal computer maker reported stronger-than-expected fiscal 3Q results. The company’s quarterly results got a boost from strong PC demand driven by COVID-19 pandemic-induced online learning and work-from-home wave.
HPQ) reported that 3Q revenues of $14.3 billion surpassed analysts’ expectations of $13.3 billion. Its adjusted EPS of $0.49 also beat Street estimates of $0.43.” data-reactid=”13″>On August 27, HP (HPQ) reported that 3Q revenues of $14.3 billion surpassed analysts’ expectations of $13.3 billion. Its adjusted EPS of $0.49 also beat Street estimates of $0.43.
See HPQ stock analysis on TipRanks).” data-reactid=”14″>HP’s CEO Enrique Lores said, “We’re leveraging our leadership across consumer and commercial markets to capitalize on opportunities – from the essential role of the PC in an era of remote work and school to the rise of subscription-based business models to enable greater flexibility.” (See HPQ stock analysis on TipRanks).
For fiscal 2020, HP now estimates GAAP diluted net EPS to be in the range of $1.83 to $1.87 and non-GAAP diluted net EPS of $2.16 to $2.20 (with consensus at $2.10).
Ananda Baruah on August 28 lifted the stock’s price target to $25 (25.9% upside potential) from $20 and reiterated a Buy rating. Baruah is impressed with HP’s “solid” quarterly numbers and commentary about share repurchases plans. Notably, during 3Q results, the company committed to buy back at least $1 billion worth of common stock every quarter for the next few quarters.” data-reactid=”20″>Following its earnings, Loop Capital analyst Ananda Baruah on August 28 lifted the stock’s price target to $25 (25.9% upside potential) from $20 and reiterated a Buy rating. Baruah is impressed with HP’s “solid” quarterly numbers and commentary about share repurchases plans. Notably, during 3Q results, the company committed to buy back at least $1 billion worth of common stock every quarter for the next few quarters.
price target of $19.56 implies downside potential of about 1.5%. Shares are down 3.4% year to date.” data-reactid=”21″>Currently, the Street has a cautious outlook on the stock. The Hold analyst consensus is based on 6 Holds, 1 Buy, and 1 Sell. The average price target of $19.56 implies downside potential of about 1.5%. Shares are down 3.4% year to date.
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