HP Q3 Results Beat Expectations, Multiple Investment Banks Raise Price Targets

HP Inc. reported strong fiscal third-quarter results on Wednesday and raised its 2026 fiscal year earnings forecast.

HP posted quarterly earnings per share of 83 cents, beating analyst expectations of 69 cents. Quarterly revenue came in at $15.68 billion, surpassing Wall Street's estimate of $14.43 billion and also exceeding the $13.93 billion reported in the same period last year.

HP interim CEO Bruce Broussard said: "In the third quarter, we grew total sales and market share in premium products and continued to attract new customers through innovation in WXP, printing, workstations, and AI PCs. Our ongoing strategy to navigate environmental constraints has driven significant improvements in memory supply and fulfillment rates."

HP raised its fiscal 2026 adjusted earnings per share guidance to a new range of $3.19 to $3.29, versus analyst expectations of $3.04.

HP shares fell 3.8% on Thursday to $29.33.

The following analysts adjusted their price targets following HP's earnings release.

Morgan Stanley analyst Erik Woodring maintained an "Underweight" rating on the stock and raised the price target from $17 to $19.

UBS analyst David Vogt maintained a "Neutral" rating and raised the price target from $26 to $28.

TD Cowen analyst Krish Sankar maintained a "Hold" rating and raised the price target from $26 to $30.

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