(CercleFinance.com) – The title HP Inc. accuses Friday one of the strongest declines of the S&P 500, penalized by a lowering of the board of Wells Fargo which is worried about the expected drop in demand for PCs.
At 10:20 a.m. (New York time), the computer manufacturer’s share fell 3.6% while the S&P index lost around 1%.
The analysts of the American bank announced this morning that they had lowered their advice on HP to ‘underweight’ with a price target reduced to 30 dollars.
In its note, Wells Fargo said it increasingly sees a scenario in which the stock underperforms the market by late 2022 and early 2023.
If he is optimistic about the cash flow generated by the American group and the wealth of its portfolio, which extends from business PCs to high-end laptops, including video game accessories and printers , the intermediary said he was worried about an upcoming deterioration in PC demand and the correlation between economic activity and printing, which he said could lead to downward revisions to market estimates.
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