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HP Inc. (HPQ) - Get Free Report shares traded lower Thursday after analysts at Goldman Sachs lowered their rating on the stock, and cut their price target, citing a "substantially tougher" business environment in 2020.

Goldman Sachs analyst Rod Hall cut his rating on HP to "sell" from "neutral", and lowered his price target by $4 to $14 per share, as the company attempts what he calls a "difficult transition" in its printers business, which the company unveiled last week. Hall also argued that weakness in global consumer PC markets, a key component of HP sales, has been masked by underlying strength in business demand, which he expects to wane in the second half of next year. 

HP shares were marked 2.2% lower Thursday following the start of trading at $16.04 each. That move would extend the stock's year-to-date decline to around 22%.

HP said last week that it plans to slash nearly a fifth of its workforce in a cost-cutting effort it hopes will save around $1 billion over the next two years.

The Palo Alto, California-based group will eliminate between 7,000 and 9,000 positions from its global workforce of 55,000, while taking a fourth quarter charge of around $100 million to compensate for the costs.

HP also published 2020 financial targets alongside the job cut plans, and sees adjusted 2020 earnings in the region of $2.22 to $2.32 per share, modestly higher than the $2.18 to $2.22 it forecast when it published its third quarter earnings on August 22.

"We are taking bold and decisive actions as we embark on our next chapter," said incoming CEO Enrique Lores. "We see significant opportunities to create shareholder value and we will accomplish this by advancing our leadership, disrupting industries and aggressively transforming the way we work."

"We will become an even more customer-focused and digitally enabled company, that will lead with innovation and execute with purpose," added Lores, who replaces the outgoing Dion Weisler, who stepped down in August citing a family health issue.