JPMorgan Mixed on HP (HPQ) Amid Demand Concerns

HP Inc. (NYSE:HPQ) is one of the most undervalued AI stocks to buy now.

With significant analyst and hedge fund sentiment, alongside a low forward price-to-earnings (PE) ratio, HP Inc. (NYSE:HPQ) secures a spot on our list of the most undervalued AI stocks to buy now.

On February 25, 2026, JPMorgan cut the target to $19 from $21, while reiterating a ‘Neutral’ rating. The firm updated its model following the fiscal Q1 earnings release, incorporating the challenging earnings outlook.

The firm had reduced the target from $25 earlier on February 19, 2026, when analysts at JPMorgan dismissed the case for upside, citing weak sentiment. The bank’s analysts warned that HP Inc.’s (NYSE:HPQ) short-term results could be strong due to pull-forward demand, but they will not be indicative of underlying demand.

Meanwhile, as of February 26, 2026, HP Inc. (NYSE:HPQ) traded at $18.81, over 44% below its 52-week high of $34.07. The company’s shares are under pressure as broader industry challenges weigh on PC makers’ outlook.

Amid tempered investor sentiment, analysts elsewhere appear not too excited about HP Inc. (NYSE:HPQ) either.

Citi cited headwinds related to end-demand for PCs on February 17, 2026, and issued a mixed outlook for HP Inc. (NYSE:HPQ). The firm retained its ‘Neutral’ rating and reduced the target from $22 to $20.

HP Inc. (NYSE:HPQ) provides personal computers, printers, supplies, and related solutions, serving both commercial and consumer customers.

While we acknowledge the potential of HPQ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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