Hewlett-Packard Enterprise (HPE) Stock Slides on Coverage Initiation
Hewlett-Packard Enterprise (HPE) shares are declining on Wednesday after analysts at Barclays started coverage of the company with an 'underweight' rating and a $13 price target.
NEW YORK (TheStreet) -- Hewlett-Packard Enterprise (HPE) - Get Report shares are declining 0.9% to $14.36 in pre-market trading on Wednesday after analysts at Barclays started coverage of the company with an "underweight" rating and a $13 price target.
This action comes after Hewlett-Packard split into two separate entities over the weekend--HP Inc. (HP) and Hewlett Packard Enterprise.
The cloud's direct and indirect impact on traditional IT could risk Hewlett-Packard Enterprise's revenue stream, analysts said.
As a result, the firm believes that the company could be more acquisitive, which may introduce more cash flow risks.
Based in Palo Alto, CA, Hewlett Packard Enterprise offers IT consulting and technology services.
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