Core Viewpoint - HP Inc. is facing significant challenges due to secular pressures on PC margins and demand, leading to a Sell rating from Goldman Sachs with a price target of $21.00 [1][4]. Group 1: Analyst Insights - Goldman Sachs analyst Katherine Murphy has initiated coverage on HPQ with a Sell rating, citing expected downside to 2026/2027 estimates despite strong shareholder returns [1]. - The analyst noted that consensus expectations for Personal Systems growth in FY26 may be overly optimistic following a stronger-than-expected FY25 and potential demand impacts from higher pricing [2]. - HPQ is recognized for its sector-leading shareholder returns profile, with a target of returning 100% of free cash flow to shareholders [4]. Group 2: Market Position and Risks - HPQ is considered the most exposed company to secular pressures on PC margins and demand within the coverage of Goldman Sachs, indicating potential downside to consensus sales and earnings estimates for FY2026/27 [3][4]. - Despite the challenges, HPQ is expected to maintain strong market share positions in PCs and printing solutions [4].