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Shares of Hewlett Packard Enterprise Co (NYSE:HPE) climbed in early trading on Tuesday, along with some other stocks.
The company is poised to benefit from cost cuts, Juniper-related synergies and AI optionality, according to Bank of America Securities.
Analyst Wamsi Mohan upgraded the rating from Neutral to Buy, while raising the price target from $21 to $24.
The Thesis: The Juniper acquisition will lower the company's reliance on compute and "shift focus to the higher margin networking business," Mohan said in the upgrade note.
Check out other analyst stock ratings.
The analyst mentioned five reasons for the upgrade:
The tech company could leverage its partnership with Nvidia Corp (NASDAQ:NVDA) and "capitalize on Juniper’s Mist platform utilizing A.I. in the networking market," he further wrote.
Price Action: Hewlett Packard shares spiked 6.09% to $18.28 at the time of publication on Tuesday.
Read More: Hewlett Packard Is A ‘Very Inexpensive’ Stock, Cramer Says
Courtesy Hewlett Packard Enterprise