Hold Rating for HP Amid Rising Memory Costs and Margin PressuresWe arrive at a gross profit of $11.2b compared to $12.2b before and an operating profit of $3.9b compared to old estimates of $4.3b. For EPS, we revise down from $3.43 to $3.09 (-9.8%), which is roughly in line with the mid-point of their guidance at $3.05. We also lower net income from $3.1b to $2.8b and lower FCF to $3b compared to old estimate of $3.4b, at the higher end of the $2.8b to $3b range that the firm guided to for FY26. We model the most significant impact to EPS in 2H/26, similar to firm guidance, and we assume only a modest 1.2% impact to EPS in FY 27, and assume no memory cost impact to EPS in FY28. For FY 27, we keep revenue in line with old estimates at $57b, but we revise down EPS by 1.2% from $3.43 to $3.39. For FY 28, we keep revenue at $58b and tweak EPS up slightly to $3.52, 1.2% higher than the old estimates of $3.48.