Shares of Hewlett Packard Enterprise Co slumped more than 10 per cent on Wednesday as its lackluster revenue forecast fanned worries of a slowdown in cloud spending this year.
Brokerages expect economic uncertainty to weigh on demand for HPE's server and storage systems and led six analysts to cut their price target. Their median view fell to $17, which is about 10 per cent higher than the last closing price of $15.52. "We believe the traditional server/storage markets will be most impacted by the challenging macro backdrop," analysts at Barclays said.
Its stock now trades at around seven times Wall Street's average earnings estimates for the next 12 months. That is lower than the average of 17.1 for the tech sector, according to Refinitiv.
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