Hewlett Packard Enterprise (HPE): Fair Price for SGI's High Performance Computing Exposure - Jefferies
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Jefferies analyst, James Kisner, reiterated his Buy rating on shares of HP Enterprise (NYSE: HPE) after the company announced it will acquire Silicon Graphics for $275M. The analyst generally likes the acquisition given the reasonable valuation, the potential to eliminate duplicative costs, and the increased High Performance Computing exposure/capabilities SGI brings.
The analyst stated "We continue to believe HPE shares will appreciate as the free cash flow outlook improves and investors get more confident in the revenue outlook of the business".
No change to the price target of $24.25.
Shares of HP Enterprise closed at $21.78 yesterday.
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