Hewlett Packard Enterprise (HPE.N): Investor Meeting Takeaways: Durable Demand Drivers With Share Gain Opportunity, Margin Expansion and Capital Returns Ahead

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Hewlett Packard Enterprise (HPE.N): Investor Meeting Takeaways: Durable Demand Drivers With Share Gain Opportunity, Margin Expansion and Capital Returns Ahead

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08 Jul 2026 19:04:28 ET │ 23 pages

Hewlett Packard Enterprise (HPE.N)

Investor Meeting Takeaways: Durable Demand Drivers With Share Gain

Opportunity, Margin Expansion and Capital Returns Ahead

CITI'S TAKE

We hosted investor meetings with Guillaume Gerardin (CFO, Networking Buy

segment), and IR. Management sounded bullish on recent performance

while still in early stages of the Juniper integration with strong order Short-Term View: Upside, expires 17-JUL-26

momentum (+20% yy in the most recent quarter) far outpacing revenues, Price (08 Jul 26 16:00) US$44.67

cumulative order growth of ~$2bln in Networks for AI largely on exploding Target price US$70.00scale across demand + robust scale out performance while burgeoning

scale up opportunities (AMD Helios rack) offers upside potential ahead. Expected share price return 56.7%

Cloud and AI demand remain robust, despite memflation, as enterprises Expected dividend yield 1.2%

move from evaluation towards deployment, while supply remains a gating Expected total return 57.9%factor. We remain constructive on HPE shares on attractive valuation levels,

stronger positioning across enterprise AI infrastructure, durable demand Market Cap US$59,152M

drivers, margin expansion and improving shareholder returns ahead.

Key takeaways:

Price Performance

n Management remains very constructive on the integration with Juniper, with (RIC: HPE.N, BB: HPE US)

synergy targets for year 1 currently tracking ahead of plan. The company is

driving product innovations that are resonating with customers, earning strong