HPE: share price soars, boosted by recommendation upgrade

(CercleFinance.com) - Hewlett Packard Enterprise shares surged on Tuesday morning, buoyed by a recommendation upgrade from analysts at Bank of America.


Just over an hour after opening, the server manufacturer's share price was up almost 6%, the best performer on the S&P 500, which was up 0.6% at the same time.

The stock was buoyed by BofA's change of recommendation to 'buy' from 'neutral', with a price target of $24.

In a note, the investment bank anticipates 'numerous future catalysts' for the stock, including improved margins against a backdrop of falling costs, a turnaround in supercomputers and synergies from the merger with Juniper Networks.

The firm also believes that AI could be a growth driver for demand in the long term, while highlighting the group's solid positioning in liquid cooling distribution units.

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