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    Steven Milunovich

    Managing Director and Senior Equity Research Analyst specializing in technology sector coverage at TD Cowen

    Steven Milunovich is a Managing Director and Senior Equity Research Analyst specializing in technology sector coverage at TD Cowen. He covers major companies such as HP Inc., with a track record highlighted by past successes including a 202.9% return on Nvidia and an overall average return of 9.2% per rating, with a 60.8% Buy, 32% Hold, and 7.2% Sell distribution. Milunovich has over two decades of sell-side equity research experience and has been recognized for his expertise in tech industry cycles, previously holding senior analyst roles at Wolfe Research and other top Wall Street firms before joining TD Cowen. He is a FINRA-registered securities professional with Series 7, 63, 86, and 87 licenses, respected for his deep technology sector knowledge and distinctive insights.

    Steven Milunovich's questions to HP (HPQ) leadership

    Steven Milunovich's questions to HP (HPQ) leadership • Q1 2025

    Question

    Steven from TD Cowen questioned if the strong U.S. dollar and competitor pricing power create a long-term structural disadvantage for the print business. He also asked for clarification on the Q2 inventory build and negative free cash flow forecast.

    Answer

    CEO Enrique Lores stated the print competitive environment is stable and not expected to change, noting that HP still grew market share. CFO Karen Parkhill clarified that the negative Q2 free cash flow is a timing issue related to paying for inventory built in Q1 as a tariff mitigation strategy, which impacts the cash conversion cycle, not a signal of further inventory growth.

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