HP Inc.: Balanced View with Limited Upside as Memory Headwinds Offset Operational LeversWe hosted an investor dinner at CES 2026 with Ketan Patel, President of Personal Systems, Dave McQuarrie, Chief Commercial Officer, Reuben Gallegos, Director of IR, and Maureen Leavitt, Director of IR. HPQ has many levers to minimize the impact of memory costs such as 1) qualifying additional suppliers, 2) utilizing their balance sheet, 3) realigning configurations and de-specing PCs, 4) optimizing non-memory BOM and overhead costs, 5) drive pricing increases and 6) lean in on higher margin peripherals. Maintain Neutral on thesis that EPS growth would be from share buybacks and cost actions that would be offset by rising memory costs. PO remains $26 on 9x C26E EPS of $3.04.