HP(US:HPQ) 智通财经网·2025-11-26 14:24Core Viewpoint - Wall Street analysts express concerns over HP Inc.'s weak earnings report, attributing the disappointing guidance to a lack of a PC upgrade cycle driven by AI devices and rising storage costs due to increased demand for AI computing power [1][3][6] Financial Performance - In Q4, HP's revenue grew by 4.2% to $14.6 billion, slightly above the analyst consensus of $14.5 billion, while adjusted earnings per share (EPS) fell by 3% year-over-year to $0.93, aligning with analyst expectations [1] - For FY2026, HP's profit guidance is projected at $2.90 to $3.20 per share, below the analyst average of $3.32 per share [2] Market Dynamics - A "super cycle" in storage chips is negatively impacting PC and server manufacturers' profit outlooks, with NAND and DRAM prices significantly affecting OEM margins [3][4] - The cost of storage chips can account for 10% to 70% of the bill of materials (BOM) for high-end products, and a 10% increase in storage prices could lead to a 45 to 150 basis point decline in OEM gross margins [3] Competitive Landscape - Major storage companies like Western Digital, Seagate, and SanDisk are benefiting from the AI data center boom, which is driving demand for high-bandwidth memory (HBM) and other storage solutions [4][6] - Analysts have downgraded ratings for several hardware manufacturers, including HP, due to anticipated profit and valuation pressures from rising storage costs [4][5] Analyst Sentiment - Analysts from Evercore ISI and Morgan Stanley have expressed skepticism about HP's fundamentals and stock price outlook, with target prices being lowered significantly [5][6] - Concerns are raised that HP may struggle to pass on rising costs to consumers without negatively impacting demand [7]