HP (HPQ) maintained its free cash flow outlook for fiscal 2024 despite near-term weakness in the commercial personal computer market, BofA Securities said Thursday.
Late Wednesday, the company said it continues to expect to generate free cash flow of $3.1 billion to $3.6 billion for fiscal 2024. HP reported fiscal Q1 non-GAAP earnings that matched market expectations, while its revenue fell short.
“We believe that FCF is the most important metric,” BofA said in a Thursday note.
The brokerage lowered its price objective on the HP stock to $32 from $33 while reiterating its buy rating, citing “an improving PC outlook, higher [net present value] print projects, cost controls, and improving FCF coming off trough levels in F23,” according to the note.
The company’s shares were down 0.9% in recent trading.