Evercore ISI raised the firm’s price target on HP Enterprise to $22 from $18 and keeps an In Line rating on the shares. Investors had bucketed HP Enterprise’s AI business well into the “show-me” camp, but the company’s April-end quarterly report “proved that the company has a significant presence and a competitive offering in the AI market,” the analyst tells investors. Questions still remain around the linearity of the recovery in the Edge business, but the firm thinks signs of an initial recovery in the core business and tailwinds from accelerating AI demand should enable HP Enterprise to accelerate top line growth in the second half and FY25, the analyst added.
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