HP, Inc. (HPQ) PT Raised to $22 at UBS; Reiterates Buy

UBS raised its price target on HP, Inc. (NYSE: HPQ) to $22.00 (from $20.00) while maintaining a Buy rating. Revenue in the 2Q of $12.4bn was up 7% YoY, exceeding $12.0bn estimates, and non-GAAP EPS of $0.40 was a penny ahead.

CFO Cathie Lesjack repeated that supplies should be flat to up in F2H adjusting for last year's drawdown, meaning reported growth could be 5-7%. On a flattish cash conversion cycle, FCF could be near $2.6bn in F17.

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