HP's (HPQ) - Get Report fourth-quarter results should show that splitting the old HP into two companies was the right choice, even if it was controversial.

Credit Suisse analyst Kulbinder Garcha noted that HP's competitors said the printer market has been weak, with its competition showing around 6% decline in constant currencies.

"We note that HPQ has historically seen a high correlation with several American and Japanese printing peers in the industry," Garcha wrote in a note to clients. "However, we also note strength in the A3 color MFP and high-end production/graphic segment, partially helped by the bump from DRUPA."

Garcha also noted that margins are likely to be weak, due to a significant portion of the company's revenue coming from Japan, which has seen a strengthening in the yen. However, margins should rebound next quarter to 16.2%, up from an estimated 14.4% this quarter.

Analysts compiled by Yahoo! Finance expect HP to earn 36 cents a share on $11.88 billion in revenue. 

Wells Fargo analyst Maynard Um is encouraged by the company's recent dividend raise to 13.27 cents a share per quarter, a bump of 7%, noting strong free cash flow.

Um has a price target range on HP between $14 and $15 a share.  

These three ETFs may benefit if investors like what HP has to say about the printing market now and for the next 90 days.

The 3D Printing ETF

The 3D Printing ETF (PRNT) - Get Report has HP make up 4.88% of its portfolio and charges investors a 0.66% expense ratio.

Credit Suisse's Garcha noted that despite concerns about the Japanese-based revenue, there are "pockets of strength" for the company, but there may also be a negative impact from rising marketing expenses and supplies adjustment, which is expected to revert back to normal next quarter. 

Deep Value ETF

HP makes up 4.58% of the Deep Value ETF (DVP) - Get Report which has $73.9 million in assets under management and has a 0.8% expense ratio.

Wells Fargo's Um, who has a market perform on the company, said that the company's commitment of returning at least 50% to 75% of its free cash flow to shareholders is the right strategy.

"While we believe HPQ's strategy is the right one for the long term, the fruits of the labor (supplies stabilization from printer placement, material benefits from growing, but smaller, markets, etc.) still appear to be at least another year away and we maintain our Market Perform rating," Um penned in a note to investors.

SPDR S&P Technology Hardware ETF

The SPDR S&P Technology Hardware ETF (XTH) - Get Report has HP make up 3.17% of its $6 million portfolio and charges investors a 0.35% expense ratio.

In a separate note, Credit Suisse's Garcha wrote that management tone has been "constructive," including a stable total addressable market for printing, as well the recent deal with Samsung and new opportunities in graphics and managed print services.

"While secular challenges in its end markets remain, we believe the valuation remains compelling," Garcha wrote to clients. "With a cheap valuation and significant cash return, we maintain Outperform and $19 PT."