Investing.com -- HP Inc. stock rose 8.3% in morning trading Friday after RBC Capital initiated coverage on the personal computing and printing company. Shares reached a new 52-week high of $35.85.

RBC Capital analyst David Paige started coverage with a Sector Perform rating and set a price target of $33. The analyst highlighted HP's hybrid AI at the edge strategy, which combines personal computers, print hardware, and device-management software into a connected platform. Paige said this approach provides a credible path for the company to reach its long-term revenue growth target of 2% to 4% annually.

The RBC report also pointed to HP management's four-pillar cost mitigation program. The program aims to deliver $1 billion in annualized run-rate savings by fiscal year 2028, presenting a margin recovery plan for investors concerned about near-term profitability.