Shares of HP Inc (HPQ  ) were climbing in early trading on Wednesday, after the company reported its quarterly results.

The company reported better-than-anticipated results for the October quarter, with "below Consensus F1Q guide more of an expectations miss than anything," according to Morgan Stanley.

The HP Analyst: Erik Woodring reiterated an Equal-Weight rating and price target of $31.

The HP Thesis: The company managed to beat estimates for its fiscal fourth quarter on the back of upside in Print supplies and PC pricing, Woodring said in the note.

While Cisco Systems Inc's (CSCO  ) recent earnings release had "caused investors to get more cautious on the near-term enterprise demand environment," HP's commentary "should assure investors that trends in the PC market are relatively stable," the analyst wrote.

"Overall, the spending environment in the October quarter was in-line with management's expectations, with consumer spending showing a seasonal uptick and commercial demand still cautious but stable, most notably in Personal Systems where revenue grew 5% Q/Q vs. our expectations for flat Q/Q growth," Woodring stated.

While the midpoint of HP's earnings guidance for the fiscal first quarter was below the consensus estimates, "it actually represents 'normal' pre-COVID seasonality, as historically 23% of annual EPS was generated in F1Q (FY16- FY19), in-line with the F1Q/FY24 guide," he added.

HPQ Price Action: Shares of HP had risen by 4.09% to $29.00 at the time of publication Wednesday.