Goldman Sachs analyst Rod Hall downgraded HP Inc. to Sell from Neutral with a price target of $14, down from $18. The analyst sees a "substantially tougher" environment for HP in 2020 as near-term tailwinds reverse in the PC business while the company attempts a "difficult transition" in the Printing business. While consumer PCs have been weak, this has been masked by strength in commercial PCs, Halls tells investors in a research note. However, he expects this strength to fade in 2020, particularly in the second half of the year. Further, the analyst he sees "significant risk" to Printing profits as the Supplies business "continues to deteriorate." Hall's price target implies 15% downside in HP Inc. shares.

In the firm's Q1 letter to investors, David Einhorn's Greenlight Capital disclosed new long positions taken during the quarter, including taking stakes in HP Inc. (HPQ), Penn Entertainment (PENN) and Roivant Sciences (ROIV). In the letter, the firm stated that it established a new "medium-sized position" in Penn at an average price of $22.69 per share, arguing that "were the market to credit PENN with merely 15% of DraftKings' value, [Penn's ESPN BET] segment alone would be worth $20 per share." On HP Inc., Greenlight stated that it had established an initial position at an average price of $30.76 per share, adding that it believes "that we are, at a minimum, on the cusp of a normal PC refresh cycle, which should drive earnings above estimates." On Roivant, Greenlight said it had established a "small long position," adding that "in addition to an exciting pipeline, ROIV has a strong track record of positive trial results and successful monetization of pharmaceutical assets." Einhorn's Greenlight Capital also noted that it reduced its Teck Resources (TECK) long position into strength during Q1 and that the firm bought a "small position" in Liberty Global (LBTYA) during Q1.

Ferrari (RACE) announces that Ferrari S.p.A. has signed a multiyear partnership agreement with HP Inc. (HPQ), through which its brand will appear on racing properties of Scuderia Ferrari.