Benzinga | Sep 29, 2021 07:12AM EDT

JPMorgan Downgrades HP - Read Why

* JPMorgan analyst Paul Coster downgraded HP Inc (NYSE:HPQ) to Neutral from Overweight with a price target of $30, down from $35, implying an upside of 5.45%.

* Coster notes that concerns around the PC cycle, which are unlikely to dissipate in the near term, have restricted HP's upside.

* Coster downgrades HP even though his expectations for the PC volume cycle "remain higher relative to more bearish investor expectations."

* Coster believes investors are focusing on company-specific drivers that have "remained limited."

* Price Action: HPQ shares traded lower by 0.8% at $28.35 in the premarket session on the last check Wednesday.