'The good times for PCs look to be ending.' And that's hitting this stock today:
UBS analyst John Roy downgraded HP Inc. shares HPQ, -1.23% to neutral from buy on Monday, writing that he expects fiscal 2020 to be a "transition year" for printer supplies and personal computers. He doesn't project growth for the printer-supply business in the next 18 months, following a 7% drop in the latest quarter amid macroeconomic softness and execution changes overseas.
"We expect print supplies to remain under pressure due to secular trends, lack of consolidation, and competition from third party suppliers." He also expects mix and cost headwinds to contribute to a weaker PC market in fiscal 2020. "The good times for PCs look to be ending," Roy wrote. He lowered his price target to $20 from $26 in conjunction with the downgrade, which came a week after Bernstein also downgraded the stock on concerns about the printing-supply business.
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