HP Inc. (NYSE: HPQ) stock fell Tuesday after the company said it is using a preliminary planning assumption that global personal computer unit volumes could decline by a mid-single-digit percentage in 2027.

The decline came despite a stronger broader market. The Nasdaq rose 0.72%, while the S&P 500 gained 0.11%. The technology sector advanced 0.65%.

HP Flags Potential PC Market Decline

In a regulatory filing dated Monday, HP said the assumption is consistent with current third-party industry forecasts. However, the company stressed that it remains in its fiscal 2027 planning period and is not providing financial guidance for the year.

HP said its preliminary assumption calls for industrywide PC unit volumes to decline by roughly a mid-single-digit percentage in calendar 2027 compared with 2026.

The company added that the assumption depends on PC market performance during the second half of 2026, which remains fluid. As a result, the outlook could change.

The disclosure follows HP's Aug. 26 third-quarter earnings call. At the time, management said it was too early to provide details on its fiscal 2027 outlook, including expectations for PC unit volumes.

HP reiterated Monday that it is still working through its fiscal 2027 planning process.

The filing puts renewed attention on the outlook for the PC market as investors assess demand heading into 2027.

HP Stock Technical Picture

HP shares remain above their longer-term moving averages despite Tuesday's decline.

The stock is 8.3% above its 50-day simple moving average of $29.46 and 36.5% above its 200-day SMA of $23.38. However, shares have slipped about 1% below the 20-day SMA of $32.22.

The relative strength index stands at 50.95. That signals neutral momentum after the stock cooled from overbought levels earlier this month.

Traders may watch $32 as near-term resistance. The $27 level could provide support if selling accelerates.

Analyst Outlook

HP carries a Hold consensus rating and an average price forecast of $25.

RBC Capital initiated coverage Sept. 11 with a Sector Perform rating and a $33 price forecast. Barclays maintained an Underweight rating Aug. 28 while raising its price forecast to $23. TD Cowen maintained a Hold rating Aug. 27 and raised its price forecast to $30.

Momentum Score Tells a Different Story

HP has a momentum score of 93.57, reflecting strong longer-term price performance.

Its value score stands at 43.58, while its growth score is 11.79. The readings point to stronger momentum but weaker growth characteristics.

Price Action

HPQ Stock Price Activity: HP shares were down 3.11% at $31.93 at the time of publication Tuesday, according to market data.