HP expects stable full-year guidance despite margin pressure from rising memory chip costs

HP Inc is set to maintain its full-year guidance in its upcoming fiscal Q3 report, despite rising memory chip costs squeezing margins in its Personal Systems segment. Bank of America expects slightly better-than-guided revenue in Personal Systems due to pricing and demand pull-in but foresees continued margin pressure through the fiscal year. HP projects Q4 Personal Systems margins to hit a low point due to pricing and consumer sales mix, with normalization expected in early fiscal 2027. Bank of America also anticipates a slight revenue decline in Q4 and maintains an Underperform rating on HP due to slower PC growth, margin pressures, and leadership uncertainties.