Is HP Inc. (NYSE:HPQ) a buy in 2026?
Hold. HP Inc. is a wait-and-watch at today's price, not a fresh buy.
Cheap for a reason: the AI PC refresh is real but margins are getting squeezed between Windows 10 end-of-life demand and tariff-hit component costs.
Where HPQ is headed
By late 2027, HP is running a business that looks structurally similar to today but with a different mix underneath. Personal Systems is the story, and the story has two engines running at once. Windows 10 end-of-life in October 2025 forced a global commercial refresh cycle that is still working through corporate IT budgets in 2026, and layered on top of that is the AI PC transition, machines with NPUs that Microsoft, Qualcomm, Intel and AMD have all bet the next decade of client compute on. HP shipped its first Copilot+ machines in 2024, and by mid-2026 AI-capable PCs are somewhere north of 40% of commercial shipments. That's real. What's less clear is whether HP captures pricing power from it or hands the surplus to Microsoft and the silicon vendors.
Read the full Compass Direction on HPQ
The complete destination call, the overlooked angle, milestones, and bull, base, and bear price scenarios (around $27.12).
See the full HPQ analysisGet calls like this, free
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Frequently asked questions
Is HP Inc. (NYSE:HPQ) a buy in 2026?
Hold. HP Inc. is a wait-and-watch at today's price, not a fresh buy. Cheap for a reason: the AI PC refresh is real but margins are getting squeezed between Windows 10 end-of-life demand and tariff-hit component costs.
What is HPQ's Compass Score?
HP Inc. scores 71/100 on Alexandria's Compass, placing it in the "Favorable" tier. Scores blend eight factors and update weekly.
What is the price target for HPQ?
Alexandria's full Compass Direction includes bull, base, and bear price scenarios with the valuation math behind each. Read the full breakdown on the HPQ page.
Compass verdicts are AI-generated, forward-looking editorial research from publicly available data, not investment advice or a recommendation regarding any security. Scores and verdicts update as the data changes.