JPMorgan lowered the firm’s price target on HP Inc. (HPQ) to $27 from $30 and keeps an Overweight rating on the shares. The company’s fiscal Q2 results will serve as a reminder to investors of the tough macro backdrop for the non-artificial intelligence IT growth drivers, the analyst tells investors in a research note. The firm says HP’s tariff headwinds along with demand caution will remind investors of the risks for hardware names in the second half of fiscal 2025. JPMorgan expects the near-term headwinds as well as unpredictability of tariffs to limit investor enthusiasm for the shares near-term.
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