Evercore ISI analyst Amit Daryanani downgraded HP Enterprise to In Line from Outperform with an unchanged price target of $18. The analyst cites valuation for the downgrade with the shares close to the price target. In addition, he expects global IT spend to moderate, but still grow, in the range of 3%-5% year-over-year in 2023. Budgets will remain more muted in in first half of the year before improving in the second half, Daryanani tells investors in a research note.
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