Jefferies Cuts Price Target on Hewlett Packard Enterprise (HPE) to $27
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Jefferies reiterated a Buy rating on Hewlett Packard Enterprise (NYSE: HPE), and cut the price target to $27.00 (from $29.00), following the company's 4Q earnings report. Revenue hit $12.5B, below consensus of $12.8B. The revenue shortfall was chiefly driven by Enterprise Group and Enterprise Services. EPS totaled $0.61, above Consensus of $0.60.
Analyst James Kisner commented, "Q4 EPS was in-line, the net result of lower than anticipated revenue offset by margin expansion and lower overhead costs. We continue to believe HPE shares offer a compelling valuation and will continue to rise as investors become more comfortable with HPE's revenue and free cash flow outlook."
Shares of HP Enterprise closed at $22.87 yesterday.
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