I guess if you feel printing will continue to do well, then HP is a good but. However, like most people, I don't feel that printing will pick up and its on the way down. HP has been doing some cost cutting lately. It hasn't helped as the market is pretty bad for PCs and even worse for printers.
While it may seem that HP is trading at a good price, we have take into account the fact that the stock price has continued to keep declining over the past couple of years.
Battery life has gotten extended in recent laptops and so most users are less likely to replace their laptops. Nowadays, the power-efficient laptops get double or triple the battery life.
On the printing side, currency issues have made it difficult to negotiate prices with foreign vendors.
Even from the perspective of a long-term holding, it seems like investors might do better with competitors like Lenovo.