Hewlett Packard Enterprise Co (HPE) Upgraded to Buy at Needham Following Spin-off Announcement

Hewlett Packard Enterprise Co (NYSE:HPE) stock surged by more than 13% in pre-market today after the company unveiled its earnings results for the second quarter, with revenue witnessing year-over-year growth for the first time since 2011. For the three months ended in April, HP Enterprise earned a profit of 42 cents per share on revenue of $12.7 billion, much in line with consensus estimates.

Additionally, the company also announced its intention of spinning off and subsequently merging its $18 billion worth Enterprise Services business with CSC, resulting in a $26 billion valuation for the combined entity.

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