Hewlett-Packard Enterprise: Takeaways from “View from the Top” series with CEO Antonio Neri

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Hewlett-Packard Enterprise: Takeaways from “View from the Top” series with CEO Antonio Neri

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Hewlett-Packard Enterprise

Takeaways from “View from the Top”

series with CEO Antonio Neri

Maintain Rating: BUY | PO: 80.00 USD | Price: 48.38 USD

AI-driven demand supports durable growth 17 June 2026

We hosted HPE’s CEO Antonio Neri as part of our “View from the Top” CEO Call Series Equity

(link to replay). The discussion reinforced our view that HPE is benefiting from a more

durable demand backdrop across the portfolio. CEO Neri emphasized demand is robust, Wamsi Mohan Research Analyst

order growth remains well above rev growth, customers are increasingly planning for BofAS

multi-year hardware deployments and F27 visibility is constrained by supply rather than +1 646 855 3854 wamsi.mohan@bofa.com

demand. Memory inflation has not been demand destructive to date, as customers are

Ruplu Bhattacharya

prioritizing compute capacity and accepting higher hardware costs given the productivity Research Analyst

implications of AI. This supports a more durable revenue trajectory for HPE in our view, BofAS +1 646 855 0315

with backlog and pipeline giving visibility into F27 while limiting the risk that recent ruplu.bhattacharya@bofa.com

strength is simply pull-forward. Maintain Buy, PO remains $80 on 20x C27E EPS of $4.10. Aisling Grueninger

Research Analyst

Juniper expands HPE’s AI networking TAM BofAS+1 646 855 4273

HPE (with Juniper) now has a much broader networking portfolio spanning scale-up, aisling.grueninger@bofa.com

scale-out and scale-across architectures. CEO Neri framed AI networking as a significant Ryan Seungin Choi Research Analyst

new TAM as networking represents ~15% of AI data center build cost. The acquisition BofAS