As previously reported, BofA downgraded HP Inc. (HPQ) to Underperform from Neutral with a price target of $20, down from $26, after the company announced that Enrique Lores is stepping down immediately as CEO to take over as President and CEO of PayPal (PYPL). The firm, which views this CEO transition as “sudden,” also cites a tougher set-up across several coinciding headwinds, including slower PC demand and unit growth and PS OM pressure on memory costs. The incremental uncertainty from a CEO transition can distract execution and elongate strategic decision-making, the analyst added.
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