DELL - HP downgraded at UBS on consumer PC weakness slower buybacks

HP Inc. (NYSE:HPQ) shares fell in premarket trading on Friday as investment firm UBS downgraded the PC and printer maker on concerns over slowing consumer spending, one day after Berkshire Hathaway (BRK.A) (BRK.B) disclosed an 11.4% stake in the company.  Analyst John Roy lowered his rating to neutral from buy and put a $40 price target on the stock, noting that a number of factors, including "incremental signs of softness in low-end Consumer PCs" could hurt the stock. "Following two strong years of PC demand, an aggressive cost take-out that drove ~200 [basis points] of operating margin expansion since [fiscal 2019] and ~$1.5 [billion] in buybacks/[quarter] over the trailing 6 [quarters], we believe HP shares reflect the strong execution as the P/E multiple has expanded ~33% since late 2021," Roy wrote in a note to clients. HP (HPQ) shares fell nearly 2% to $39.33 in premarket trading on Friday. Roy noted that

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HP downgraded at UBS on consumer PC weakness, slower buybacks