HP Inc. (NYSE:HPQ) stock is recovering and trending upward on Friday. Investors are recalibrating positions after a volatile post-earnings decline.
The stock initially fell after the release of its third-quarter financial results, but buyers are stepping back in to take advantage of the lower price and recent analyst upgrades.
The Nasdaq is down 0.18%, and the S&P 500 has lost 0.03%.
Analysts Revise Price Forecasts
On Thursday, TD Cowen maintained a Hold rating on HP and raised its price forecast to $30. UBS maintained a Neutral rating while raising its target price to $28. Morgan Stanley kept an Underweight rating and increased its price forecast to $19.
On Thursday, HP stock traded lower after the company released its quarterly details, reflecting market concern regarding PC and printer demand.
Third-Quarter Performance Highlights
On Wednesday, HP reported third-quarter earnings of 83 cents per share, beating the analyst estimate of 69 cents by 20.29%. Revenue reached $15.68 billion, exceeding the Street estimate of $14.34 billion and increasing from $13.93 billion in the prior-year period.
“In the third quarter we increased both total sales and share in premium products and continued to attract new customers with innovations in WXP, Print, workstations and AI PCs,” said Bruce Broussard, Interim CEO of HP.
HP raised its fiscal 2026 adjusted earnings guidance to a range of $3.19 to $3.29 per share from $2.90 to $3.10 earlier, compared to the $3.04 analyst estimate.
Technical Setup
From a trend perspective, HPQ is still in a constructive longer-term setup: the stock is trading above its 20-day, 50-day, 100-day, and 200-day moving averages, and the 50-day SMA remains above the 200-day SMA following the golden cross in June. That said, price is only modestly above the 20-day SMA ($29.48), which makes the near-term trend more sensitive to follow-through selling.
- Key Resistance: $32 — a round-number ceiling just below the $32.19 52-week high area where rebounds can stall
- Key Support: $27.50 — a nearby pivot zone that sits closer to the 50-day SMA ($26.39), making it a level bulls want to defend on deeper pullbacks
HPQ Price Action: Hp shares were up 1.77% at $30.15 at the time of publication on Friday, according to Benzinga Pro data.
Photo: Sklo Studio via Shutterstock
