Warren Buffett Is Dumping This Tech Stock
Warren Buffett's Berkshire Hathaway took a multibillion-dollar stake in PC and printing giant HP Inc. (NYSE: HPQ) in early 2022. The company had been riding high during the pandemic as strong demand for PCs propped up its revenue and profit, and the stock appeared inexpensive, based on that elevated profit.
Soon after Berkshire bought into HP stock, demand for PCs cratered. A small decline in shipments in the first half of 2022 gave way to monstrous declines later in the year and into 2023. After two years of contraction, the PC market is expected to finally return to growth in the fourth quarter.
Berkshire began selling its stake in HP in September and continued selling in October. Those sales, however, were modest relative to the size of the stake.
Source Fool.com
HP Inc. Stock
We see a rather positive sentiment for HP Inc. with 14 Buy predictions and 2 Sell predictions.
On the other hand, the target price of 32 € is below the current price of 32.74 € for HP Inc., so the potential is actually -2.26%.
