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Morgan Stanley raised its Hewlett Packard Enterprise (HPE) price target to $71 from $33 after HPE reported fiscal second-quarter 2026 results, while keeping its Equalweight rating. The reported rationale was stronger server pricing and orders, which led the firm to raise its fiscal 2026 and 2027 earnings-per-share estimates. That is an analyst opinion—not a rating upgrade, buy recommendation, or promise that HPE shares will reach $71.
What Morgan Stanley changed
Investing.com reported on June 2, 2026, that Morgan Stanley increased its HPE price target from $33 to $71 and retained an Equalweight rating. The change was in the target, not the rating: the report does not say Morgan Stanley upgraded HPE.
The report attributed the higher target to stronger server pricing and orders than the firm had seen 90 days earlier. Those conditions prompted positive revisions to its fiscal 2026 and fiscal 2027 EPS estimates. Investing.com’s account is secondary coverage; Morgan Stanley’s original research note was not available for independent review.
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How the target relates to Morgan Stanley’s estimate
Investing.com said Morgan Stanley’s $71 target equated to 17 times the firm’s new fiscal 2027 EPS estimate of $4.16. This is the valuation framing reported for the target, not a guarantee that HPE will earn $4.16 per share or trade at that multiple.
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The report also said Morgan Stanley considered the durability of enterprise demand beyond fiscal 2027 unclear. Whether the stronger demand cycle can continue beyond that period was therefore a key debate in the reported analysis.
What HPE reported in fiscal Q2 2026
HPE announced results on June 1, 2026, for the quarter ended April 30, 2026. It reported $10.7 billion in revenue, diluted GAAP EPS of $0.44, and diluted non-GAAP EPS of $0.79. The company said non-GAAP EPS exceeded its prior outlook range of $0.51 to $0.55 and raised its fiscal 2026 guidance. See HPE’s official second-quarter 2026 results.
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- HPE Proliant DL380 Gen10 8-Bay 2.5” Server
- 2X Intel Xeon Gold 6126 2.6Ghz 12-Core 2.6GHz
- 192GB DDR4 RAM - 8X 1.2TB 2.5” 10K SAS 12Gbps
- P408i-a SR Gen10 2GB 12Gbps RAID
- 4 Port 1GbE NIC - 2x 800W PSU
HPE President and CEO Antonio Neri said, “Customers continue to invest in modernizing their infrastructure and scaling AI, and our performance shows the strength of our combined networking portfolio and the value we are delivering to our shareholders.” CFO Marie Myers said, “Based on our performance, we are raising our fiscal 2026 guidance and introducing a fiscal 2027 financial growth framework.” These are management’s statements in the company’s release, rather than Morgan Stanley’s rationale.
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A higher price target does not necessarily mean an analyst has become bullish: Morgan Stanley paired this one with Equalweight. When comparing this call with another analyst’s view, consider more than the target figure:
Rank #3
- HPE ProLiant DL360 Gen10 1U Rack Server with Rail kit for small business or Enterprise
- Dual (2) Xeon Gold 6130 16-Core 2.10 GHz, 22MB, Up To 3.70 GHz Turbo
- Memory: 256GB (8 x 32GB) DDR4 PC4-25600 3200MHz Unbuffered Memory
- Storage: 7.68TB (4 x 1.92TB) Enterprise 2.5” SATA III 6Gb/s SSDs for Ultra Fast Storage
- Hard drives and memory upgrades included separately, not installed, installation required.
- Rating: Check whether the analyst also changed the rating. Here, the reported rating remained Equalweight.
- Estimate horizon: The valuation cited was tied to a fiscal 2027 EPS estimate, while the earnings catalyst included revisions to both fiscal 2026 and fiscal 2027.
- Operating assumptions: The reported rationale emphasized server pricing and orders; the durability of enterprise demand beyond fiscal 2027 remained uncertain.
- Valuation: The reported target was framed as 17 times Morgan Stanley’s $4.16 fiscal 2027 EPS estimate.
Targets and ratings can change as estimates and market conditions change. The figures above describe the June 2026 report, not a current share price or consensus target.
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Rank #4
- HPE ProLiant DL380 Gen10 2U Rack Server with Rail kit for Enterprise
- Dual (2) Xeon Gold 6130 16-Core 2.10 GHz, 22MB, Up To 3.70 GHz Turbo
- Memory: 256GB (8 x 32GB) DDR4 PC4-25600 3200MHz Unbuffered Memory
- Storage: 7.68TB (4 x 1.92TB) Enterprise 2.5” SATA III 6Gb/s SSDs for Ultra Fast Storage
- Hard drives and memory upgrades included separately, not installed, installation required.
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