Bernstein analyst Toni Sacconaghi raised the firm’s price target on HP Inc. to $34 from $32 and keeps a Market Perform rating on the shares as part of a 2025 outlook for the IT hardware sector. The firm sees IT hardware as a “structurally challenged sector,” and views names in its coverage universe largely as trading stocks rather than long term core holdings. Bernstein expects a better IT spending backdrop in 2025 and says many companies have stronger portfolios than history, but notes stock valuations are at the higher end, artificial intelligence profitability remains challenging, and it does not see huge upside from a PC refresh cycle in 2025. The firm’s top picks entering 2025 remain Apple (AAPL) and Dell (DELL). Bernstein adjusted price targets for Apple, IBM (IBM) and HP Inc. (HPQ) to reflect market appreciation since its last set of targets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
