J.P. Morgan analyst Paul Coster upgraded HP Inc. shares /zigman2/quotes/203461582/composite HPQ +5.71% to overweight from neutral on Thursday, writing that he sees opportunity to "tak[e] advantage of the market correction to buy an attractively-valued stock in advance of positive catalysts, which include some combination of a 12-month $8 billion buy-back program, acquisition by Xerox /zigman2/quotes/201169674/composite XRX +4.41% at ~$24/share or accretive acquisition of Xerox by HPQ, and a recovery from COVID-19 disruption." Coster said that HP was one of the earliest companies to pre-announce negative financial impacts from the coronavirus outbreak and he argued that the company "could be first out with good news on the supply-side (barring a relapse)" given that it has indicated recent progress with Asia production. "Touching base with the company, we sense confidence in supply, but anticipate some softness in demand as business and consumer spending slows (there is some anecdotal evidence that work-from-home instructions are spurring some printer/PC upgrades, but it probably won't be enough to offset the slowdown)," Coster wrote. He kept a $24 price target on the shares, which are down 6.3% in premarket trading Thursday. The stock has lost 5.8% on the year, as the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.62% has fallen 15%.