Hewlett Packard Enterprise (HPE) Stock Down, Jefferies Raises Price Target
NEW YORK (TheStreet) -- Shares of Hewlett Packard Enterprise (HPE) - Get Reportare down 0.70% to $18.36 in early morning trading as the company's price target was raised earlier today to $25.50 from $24. at Jefferies.
Additionally, the firm reiterated its "buy" rating for the Palo Alto, CA-based IT company.
The price target increase comes after recent investor meetings increased the firm's confidence in Hewlett Packard. "We walked away with greater comfort around M&A risk, hopes of a dividend increase, and higher confidence in the outlook of the business ex-ES," according to an analyst note.
The price target change also follows a San Jose jury's decision last Friday that Oracle (ORCL) owes Hewlett Packard $3 billion for breaching an agreement to have its databases support HP systems based on Intel's marginalized Itanium server CPU line. Oracle plans to appeal the damages award.
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