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Fly News Breaks for March 12, 2019
HPE
Mar 12, 2019 | 05:56 EDT
UBS analyst John Roy downgraded HP Enterprise to Sell from Neutral and cut his price target for the shares to $13 from $17. The company's on-premises hardware sales are being pressured by the growth in public cloud, while the "stock is expecting better," Roy tells investors in a research note. Further, HP Enterprise's 15%-plus server selling price growth is unlikely to repeat as component prices decline, the analyst adds. He expects the company's revenue growth to decline from 7% in 2018 to negative 2% in 2019. The stock's multiple should contract from 9.5 times to 8.5 times as revenue inflects from growth to decline, Roy contends.
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