HPE - Quick Take - Highlights from Discover 2026 Investor Summit

Research evidence excerpt

HPE - Quick Take - Highlights from Discover 2026 Investor Summit

Truist Securities

Equity Research Report June 16, 2026

TMT: Data Centers, Communications Hewlett Packard Enterprise Company (HPE)

Infrastructure & Technology

Matthew Niknam

212-326-6151

Matthew.Niknam@truist.com HPE hosted an Investor Summit with President/CEO Antonio Neri, as part of its annual

Discover conference (alongside conference keynotes with Mr. Neri and EVP & GM of

Networking Rami Rahim).

Mo Chen

212-590-0901 From a high level, we believe the sessions highlighted HPE's positioning as a "full-stack"

Mo.Chen@truist.com supplier for the "agentic enterprise," highlighting AI's evolution towards more complex

tasks/workloads which require a multi-year technology spending shift and a new architectural

Joshua Park foundation, with Networking at the core (no surprise, a year removed from the Juniper

212-537-8788 acquisition).

Joshua.Park@truist.com

For the purpose of this note, we highlight what we thought was notable from the Investor

Summit:

Current Price (Jun. 16, $48.38 * In an AI world, customers are looking to improve the cost per token, and today,

2026) Networking is the bottleneck

Stock Rating BUY * Demand durability and confidence in the FY27E guide: Demand remains very high, with

Unchanged a sizable backlog as well. HPE noted its decision to provide an FY27E guide (ie: six quarters

Price Target out) was driven by the fact that the current pipeline remains multiples of the backlog, $69.00 supply constraints that are driving demand (and this supply problem won’t be solved any time

Unchanged soon), and Juniper/Catalyst synergies (which enable a stronger margin profile); ultimately,

F2Q26 results/strength were not a “one time” event.