UBS analyst David Vogt raised the firm’s price target on HP Enterprise to $16 from $15 and keeps a Neutral rating on the shares. The company outlined significant TAM expansion, primarily across Networking and AI to underwrite a 2%-4% constant currency multi-year revenue growth target, the analyst tells investors in a research note. UBS wasn’t surprised by the muted revenue outlook, saying that the decision to exclude the contribution from H3C and adjust for one-time items in FY23 including hedging and venture gains is a prudent reset of HP’s earnings power.
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- HP Enterprise expects largest growth businesses to exceed 50% of revenue by 2026
- HP Enterprise falls 4% to $15.70 after providing FY23 and FY24 guidance update
- HP Enterprise sees FY24 EPS $1.82-$2.02, consensus $2.14
- HP Enterprise sees FY23 EPS $2.11-$2.15, consensus $2.14
- HP Enterprise price target raised to $20 from $19 at BofA