Peter Misek of Jefferies & Co. said that tablets are likely to hurt HP’s personal computer segment."While consensus thinks Windows 8 will boost personal computers, we think it will accelerate tablet cannibalization as the operating system focuses on touch," he wrote in a client note.

Misek also believes that smartphones are now used by enough consumers — and tablets to a lesser degree — that it is lowering printing demand.

Aside from pressures from tablets and smartphones, Misek says uncertainty in Europe seems to be causing a slowdown in information technology spending. This is a concern for HP, as it gets one-third of its revenue from Europe, the Middle East and Africa, he explained.

"We believe that information technology budgets are up 3 percent to 5 percent for 2012 but that corporate information technology departments are taking a cautious outlook, especially as we approach the Greek elections," Misek said.