From the 52-week low of October 10, HP Inc. shares grew within the correction, adding more than 8%. The issuer’s quotes fall over the past three months amounted to 19.6%. According to the results of the third quarter, the company retained second place in the PC sales market with a share of 23.8%. Earlier, Goldman Sachs lowered its forecast for the issuer amid expectations of deterioration in the global PC market.
Last week HP Inc. shares grew by 2.85%. The S&P 500 index for the same period increased by 1.23%. There appears to a strong chance that HP stock could jump up more and should cause investors to watch this stock closely.
Support and resistance
The issuer began to recover after a prolonged fall. The quotes renewed the local highs. At the moment, the company’s shares are testing the “mirror” resistance level of 17.50. The level of 16.70 is the nearest support. There is potential for further correction. Indicators do not give accurate signals: price crossed MA (50); MACD is showing positive momentum. It is better to open the positions from the key levels.
A comparative analysis of the multiples of the company and competing companies in the industry indicates the neutrality of the instrument.
Resistance levels: 17.50, 18.15, 19.15.
Support levels: 16.70, 16.00.
HP Stock Trading Ideas
Long positions can be opened after the price consolidates above the level of 17.50. The closing of the profitable positions is possible at the levels of 18.20, 18.90 and 19.40. Stop loss – 16.80.
Short positions can be opened after the price consolidates below the level of 16.70 with the targets at 15.50–15.00. Stop loss – 17.40.
Implementation period: 3 days.
HP Inc. provides personal computing and other access devices, imaging and printing products and related technologies, solutions and services in the United States and internationally. The company operates through three segments: personal systems, printing and corporate investments. The personal systems segment offers commercial and consumer personal computers, personal computers, workstations, thin clients, commercial mobility devices, retail outlets, screens and other accessories, software, support and related services. The printing segment offers hardware, supplies, solutions and services for commercial and consumer printers, as well as scanning devices. The corporate investment segment includes HP Labs and business incubation projects. It serves individual consumers, small and medium enterprises and large companies, including clients in the government, health and education sectors. HP Inc. has a strategic alliance with Siemens AG; and collaboration with SmileDirectClub. The company was previously known as Hewlett-Packard Company and changed its name to HP Inc. in October 2015. HP Inc. was founded in 1939 and is based in Palo Alto, California.
HP Stock Recommendations From Investment Firms
Oct-10-19 Downgrade Goldman Neutral → Sell $18 → $14
Oct-07-19 Downgrade Argus Buy → Hold
Oct-04-19 Reiterated Morgan Stanley Equal-Weight $21 → $20
Oct-04-19 Reiterated BofA/Merrill Underperform $17 → $16
Oct-04-19 Downgrade Loop Capital Buy → Hold $21 → $19
Sep-16-19 Downgrade UBS Buy → Neutral $26 → $20
Sep-09-19 Downgrade Bernstein Outperform → Mkt Perform $20
Aug-23-19 Reiterated Wells Fargo Market Perform $23 → $20
Aug-23-19 Reiterated UBS Buy $28 → $26
Aug-23-19 Reiterated Morgan Stanley Equal-Weight $23 → $21
Aug-23-19 Reiterated Citigroup Neutral $21 → $20
Aug-23-19 Reiterated BofA/Merrill Underperform $19 → $17
Aug-23-19 Reiterated Barclays Equal Weight $21 → $20
Aug-23-19 Downgrade Evercore ISI Outperform → In-line $23 → $19
Aug-20-19 Downgrade Citigroup Buy → Neutral $25 → $21
Aug-08-19 Initiated Barclays Equal Weight $21
Jun-20-19 Initiated Deutsche Bank Hold $20
Jun-06-19 Initiated Evercore ISI Outperform
May-14-19 Downgrade Wolfe Research Outperform → Peer Perform $25 → $21
Apr-11-19 Initiated Credit Suisse Neutral $21
Ruchi has an Accounting and Graduate Degree in Business from the International School and Business and Media. She is exceptionally skilled in financial databases like Bloomberg, ThomsonOne,Datastream, CapitalIQ, and Factiva. Her focus at AlphaBetaStock.com is research breaking stocks and investment stories.