“HP is committed to one of the largest share-repurchase programs (relative to market cap) within our coverage, so we think Berkshire’s involvement makes sense,” Evercore ISI analyst Amit Daryanani wrote in a note to clients.

While he said he didn’t believe that Berkshire’s investment in HP would drive significant changes to HP’s business, he deemed the high-profile stake a “validation of HPQ’s strategy/capital return program,” noting that Berkshire began purchasing shares after HP announced plans to purchase the workplace-technologies company Poly for $3.3 billion late last month.

Berkshire’s HP stake indicates that Buffett sees value in HP’s business, though several analysts have sounded cautious lately on the market for personal computers following a pandemic-driven boom.

“Specifically, we believe PC and consumer hardware spending will be pressured as supply improves and demand normalizes after two years of above-trend growth,” Morgan Stanley’s Erik Woodring wrote in explaining his March 31 downgrades of HP and Dell Inc.
DELL,
-3.16%
shares.

See more: Fears about end of pandemic PC boom lead to downgrades for AMD, HP and Dell, and all their stocks are falling

Don’t miss: Dell stock downgraded as Goldman Sachs joins the chorus with PC-market concerns

Shares of HP have lost 9.7% over the past three months as the S&P 500
SPX,
-0.97%
has dropped 4.6%.