BMO Capital Raises Price Target on Hewlett Packard Enterprise (HPE) Following Mixed 3Q Report
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BMO Capital reiterated an Outperform rating on Hewlett Packard Enterprise (NYSE: HPE), and raised the price target to $26.00 (from $24.00), following the company's 3Q earnings report. HPE reported mixed results, with revenue of $12.2B coming up short of the consensus estimate of $12.6B. EPS of $0.49 beat $0.45 forecasts.
Analyst Tim Long commented, "Results were mixed, as a revenue shortfall was offset by a strong margin performance. Some of the revenue weakness was deliberate as HPE repositions the company for profitable growth, a positive move in our view. Separately, yet another divestiture was announced as the Software business is being spun off. The deal should further unlock value and positions the company as a pure play enterprise hardware vendor. That will offer an improved growth and margin profile, but likely also marks the last significant divestiture; execution will now be key."
Shares of HP Enterprise closed at $22.09 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
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