HPE(US:HPE) Zhi Tong Cai Jing·2025-12-05 14:43Core Viewpoint - HPE's fourth-quarter performance and guidance have mixed results, with concerns over rising commodity costs and delays in AI server deliveries impacting expectations [1][2] Group 1: Financial Performance - HPE's server business fell short of expectations due to delays in AI server deliveries and weak federal orders, with two-thirds of the shortfall attributed to AI server delays and one-third to federal business weakness [1] - The company has provided a more reliant guidance for the second half of the year, indicating that some AI infrastructure demand from sovereign and enterprise clients may be pushed to fiscal year 2027 [1] Group 2: Analyst Perspectives - Morgan Stanley analyst Erik Woodring expressed concerns about the challenges of passing on rising costs to customers, predicting increased pressure on profit margins by fiscal year 2026 [1] - Evercore ISI analyst Amit Daryanani maintained an "outperform" rating and a target price of $28, suggesting investors should overlook short-term fluctuations, as the company's network business contributes approximately 50% of EBITDA [2] - JPMorgan analyst Samik Chatterjee echoed a similar optimistic view, maintaining an "outperform" rating with a target price of $30, highlighting management's confidence in maintaining revenue expectations despite rising prices across multiple product lines [2]