5 Stocks to Watch on Friday

3. HP Inc. (NYSE:HPQ) is down 0.4% as of 10:20 AM ET after the Palo Alto, California-based IT company was downgraded from a Buy to a Neutral rating by Jon Roy at UBS with a price target of $40. The price target implies a modest upside of 14.5% from yesterday’s closing price. The analyst has highlighted weakness in the low-end consumer PCs market as one of the factors for the downgrade. Furthermore, Roy added that the PC unit sales would decline from the fourth quarter of this year as supply chain disruptions and macroeconomic issues will come into play. The analyst also anticipates the share purchase to slow down following the completion of the $3.3 billion acquisition of Plantronics, Inc. (NYSE:POLY) by the end of this year.

Out of the 924 hedge funds being tracked by Insider Monkey, HP Inc. (NYSE:HPQ) was held by 39 funds as of Q4 2021.