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HP Stock Reaches 52-Week High on AI-Powered PC Launch
HP Inc. (NYSE:HPQ) shares touched a new 52-week high of $34.94 on September 11 after the company unveiled its new line of artificial intelligence-enabled personal computers. The stock jumped approximately 8.3% in that single session and is up over 9% for the month, according to data from Investing.com as of September 16.
AI Strategy and New Coverage
The primary catalyst for the rally was the introduction of HP's OmniBook AI-PC series. The new devices are designed for hybrid, on-device AI workloads through strategic partnerships with Red Hat, Nvidia, and OpenAI. The move positions HP to capitalize on the growing demand for PCs with integrated AI capabilities.
Adding to the momentum, RBC Capital initiated coverage on the stock with a Sector Perform rating and a $33 price target. While the target is below the stock's recent peak, the initiation of coverage brought fresh attention to the company from the investment community.
Strong Financial Performance
The stock's advance is supported by strong underlying fundamentals. In its fiscal third-quarter report on August 26, HP announced record revenue of $15.7 billion, an increase of 13% year-over-year. Key figures from the report include:
Ad- Non-GAAP earnings per share (EPS) of $0.83, up 11% year-over-year.
- Personal Systems revenue growth of 18%.
- Raised full-year EPS guidance to a range of $3.19-$3.29, up from the previous $2.90-$3.10.
Tech Hardware Sector Outperforms
HP's performance is part of a broader trend of outperformance among technology hardware stocks this month. Other notable semiconductor and hardware companies have also seen significant gains.
Qualcomm (NASDAQ:QCOM), for instance, has gained over 13% in September, aided by a reiterated Buy rating from StoneX, which cited strength in the company's data-center business. Other gainers in the sector this month include HP Enterprise (+9.85%), AMD (+9.71%), and Intel (+9.18%), signaling widespread investor interest in the hardware powering the AI boom.
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