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HP stock sinks after Evercore downgrades shares

Yahoo Finance Video

Yahoo Finance Live anchors discuss HP after Evercore downgrades its shares.

Video Transcript

BRAD SMITH: Well, we have just about 75 seconds until the opening bell. Let's take a quick look at HP shares here as well, HPQ particularly. They're down here pre-market by about 2 and 1/2 percent. Hit with a no drama downgrade from Evercore. The investment firm citing concerns over slowdown in sales along with the risk of a deflationary environment here. This was quite the note, Sozz.

BRIAN SOZZI: Yeah, don't think, Brad, this is not a well-timed downgrade after those Micron results last week where Micron came out and warned about their forward outlook pretty aggressively. You're really starting to see a lot of concern out there on slowing PC shipments, deflationary prices for PCs.

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And by and large, the past two years, anything we've heard from HP has been good news. So this is probably one of the first downgrades of HP recently. And I think it's just a sign of an analyst trying to be out in front of potential warnings from this company.

BRAD SMITH: Yeah, Evercore is saying we think PC units in aggregate could end up closer to 300 million by year end versus the current expectations around 325 to 330 million. And softness could be broader in beyond consumer markets.