Hewlett Packard Enterprises (HPE - Get Report) has seen its share price stumble recently on foreign-exchange concerns and two stalled spin-offs, but Jim Cramer calls the stock's pullback a mere "bump in the road."
HPE has fallen some 8% from nearly $25 a share in early December to around $22.75 today. Cramer said in an exclusive conference call with members of his Action Alerts PLUS investors' club that that's due in part to delays closing two deals. HPE plans to sell some software assets to Britain's Micro Focus International, as well as merge its enterprise business with CSC (CSC) .
"When the CSC deal closes -- and I expect it to close in the first quarter -- that will be excellent," Cramer said. "And when the Micro Focus deal closes, you're going to see a better situation."
The Action Alerts PLUS charitable portfolio currently holds HPE shares, and Cramer said that's a bet on longtime Hewlett Packard chief Meg Whitman.
"Meg Whitman is a money maker, [and] sometimes what you do is you buy stocks of companies because you think the CEO is a money maker," Cramer said. "I think HPE is levered to the Internet of Things [and] a lot of the excitement that we see general in technology. ... but I also think that it's levered to Meg Whitman trying to go out on the high side."
Cramer said he plans to buy more HPE shares for the Action Alerts PLUS portfolio if the stock falls to around $21 to $22 a share. "We only have 1.76% of our portfolio in [HPE]," he said. "At $21 to $22, I'll take that to 2.75%."
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