HP's stock set a new 52-week high on Friday after delivering a strong profit forecast (HPQ)

Investors snapped up shares of HP Inc. on Friday after the company indicated that it expects to have a buoyant and profitable 2018.

The stock was up as much as 7.8% and set a 52-week high of $22 a share in regular trading on Friday, and finished the session up 6.4%.

The bump followed HP's annual analyst meeting on Thursday, where the company delivered a strong profit forecast that topped Wall Street expectations.

HP said it expects to earn $1.69 to $1.79 per share in its fiscal 2018 year, above the $1.66 per share average earnings estimate according to the Wall Street Journal.

The company also estimated at least $3 billion in free cash flow for fiscal 2018 — 50% to 75% of which it intends to return to shareholders through dividends and share repurchases.

Roughly 27 million shares of HP traded hands on Friday, compared to the stock's average trading volume of 9.5 million shares.

HP is the consumer computer and printer company formed in 2015 after the larger company Hewlett-Packard split off from its enterprise division, now a separate company called HP Enterprise.

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