Shares of Hewlett-Packard have been under some serious pressure this year and, according to one top Wall Street analyst, the company could be in for a rough third-quarter earnings report as well.

Hewlett-Packard has dropped more than 30 percent in 2015, handily underperforming the broader market and the technology sector as a whole. The company is set to report third-quarter earnings Thursday after the bell, and according to Cantor Fitzgerald analyst Brian White, HP could turn in an "uninspiring performance."

"This is a stock that I think will remain challenged," White told CNBC's "Fast Money." "Fundamentals will remain tough, as there's a lot of competition in this market," he added.

White, who has a "hold" rating and $33 price target on the stock, said he'd be looking for clarity on a number of points from HP's earnings report and conference call.

The analyst said he would first be looking for any information regarding PC and printer sales trends. "Both areas in my view are being commoditized," White said, adding that the PC market "had a very rough July in the supply chain."

Apart from PC and printing, White said he would be looking at trends in HP's enterprise group. "There's a dogfight going on as companies push into the cloud," he said. "Markets overseas are weakening considerably, so it will be interesting to see how they're trending in the enterprise group outside the U.S. market."

Differing trends between the enterprise and personal computing markets could come under increased scrutiny. Hewlett-Packard plans to split itself into two separate companies later this year, with one company focused on enterprise and the other on personal systems and printer sales.

White wrote in his note that while the separation makes sense, "this does not change the fact that we believe both of these businesses are rapidly being commoditized and thus future profit growth potential appears limited."

Hewlett-Packard finished the day lower on Wednesday, down about 2 percent.