Shares of information technology company Hewlett Packard Enterprise (HPE) - Get Report were rising 4% to $14.90 in trading Friday despite analysts at Instinet, JPMorgan and Raymond James lowering their price targets on the stock following second-quarter revenue that missed estimates.
Analysts at Instinet lowered their price target on the San Jose-based company's stock to $17 from $20, while JPMorgan analysts lowered their price target to $16 from $17 and Raymond James cut its price target to $17 from $18.
The company reported second-quarter earnings of 42 cents per share on revenue of $7.15 billion. Analysts were expecting the company to report earnings of 36 cents per share on revenue of $7.44 billion.
For the current quarter, the company expects to earn between 40 cents and 44 cents per share. For the year, the company expects to earn between $1.62 and $1.72 per share. Analysts polled by FactSet were expecting the company to report third-quarter earnings of 41 cents per share and full-year earnings of $1.68.
"We continue to make important strategic moves that further enhance our competitive position and ability to better serve our customers in a hybrid world. I remain confident that our edge-to-core strategy backed by the important investments we've been making will generate positive shareholder returns in the near and longer term," said CEO Antonio Neri.