© Reuters.
(Updated – December 12, 2023 5:23 AM EST)
Warren Buffett’s Berkshire Hathaway (NYSE:) more than halved its stake in HP (NYSE:) Inc, as the conglomerate continues to trim its holdings in the PC and printer maker, according to a regulatory filing Monday.
Following the latest reduction for the reporting period ending Nov. 30, the company now holds a 5.2% stake, about 51.5 million shares in HP from nearly 100M previously.
The conglomerate has been trimming its stake in the PC and printer maker after amassing a double digit stake early last year.
On a more positive note, Morgan Stanley analysts raised their recommendation on HPQ stock to Overweight as hardware markets “are in the bottoming phase.”
The price target is lifted by $4 to $35 per share.
“We are upgrading HPQ as we see it as an underappreciated play on the PC market recovery that should also benefit from re-accelerating capital returns and operational efficiency,” analysts said.
The Morgan Stanley upgrade comes after Evercore ISI made a similar move yesterday.
HPQ shares are down 0.4% in pre-market Tuesday.
Additional reporting by Senad Karaahmetovic antaranews