PC powerhouse Hewlett-Packard (NYSE:HPQ) is riding high after absolutely trouncing the market over the course of 2013.

After years of struggling, Hewlett-Packard's multi-year turnaround appears to be finally taking root. Although Hewlett-Packard saw sales contract once again in its most recent quarter, the pace of that loss also slowed compared with earlier quarters in 2013, giving investors a sense that things are indeed improving at HP.

Source: Hewlett-Packard.

Unfortunately for Hewlett-Packard, the macro condition for its two main business drivers will likely remain muted in the year to come. After an absolutely brutal year for the PC market last year, the market for personal computers is expected to contract once again in 2014. In addition, corporate spending on enterprise equipment like HP's servers should also remain strained in the year to come as well.

Looking to 2014
However despite all the positives, 2014 could still prove a challenging year for Hewlett-Packard.

This makes the outlook for Hewlett-Packard's shares all the more unclear as we look to 2014. In the following video, tech and telecom analyst Andrew Tonner argues why he thinks some of Hewlett-Packard's successes over the past year could make 2014 a more difficult year for its shareholders.