JPMorgan downgrades HP on tougher backdrop into 2026

JPMorgan analyst Samik Chatterjee downgraded HP Inc. (HPQ) to Neutral from Overweight with an unchanged price target of $30. The firm says the company is “cycling past” a favorable volume and commodity cost cycle “into a relatively tougher backdrop.” 2026 will mark the end of the Windows 10 replacement cycle, leading to tough comparisons for commercial personal computer growth, the analyst tells investors in a research note. JPMorgan also sees the continuation of a challenging macro backdrop with limited catalysts to stimulate a replacement cycle for consumer PCs. As such, the firm sees limited upside for HP shares.