UPDATE: JPMorgan Upgrades HP Enterprise (HPE) to Overweight
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JPMorgan analyst Paul Coster upgraded HP Enterprise (NYSE: HPE) from Neutral to Overweight with a price target of $16.00 (from $13.00).
The analyst comments "HPE is trading at 7.7 times our CY21 PF EPS estimate, a 10% discount to the three-year mean forward P/E multiple, which we view as unjustified given the firm’s swift rebound to pre-pandemic run-rate, improving momentum in the growth segments and the cost-containment program, improving FCF outlook. The stock looks attractively valued relative to its peer group, too, trading at a discount on a P/E, P/sales, and EV/EBITDA basis. We view HPE as undervalued here; we expect a re-rating on continued solid execution, and we look for this stock to outperform the mean of our coverage in the next 6-12 months."
Shares of HP Enterprise closed at $12.48 yesterday.
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