11:49 AM EDT, 09/17/2024 (MT Newswires) -- Hewlett Packard Enterprise ( HPE ) has several positive catalysts ahead, including cost synergies with its upcoming acquisition of Juniper Networks ( JNPR ) , BofA Securities said in a note Tuesday.

The firm said the deal will reduce Hewlett Packard Enterprise's ( HPE ) dependence on compute and shift its focus to the higher margin networking business.

The company will also benefit from artificial intelligence as enterprise and sovereign demand increases, as well as from "significant" cost cuts driven by new Chief Financial Officer Marie Myers, BofA said.

The firm upgraded the company to buy from neutral and boosted its price objective to $24 from $21.

Shares of Hewlett Packard Enterprise ( HPE ) were by nearly 6% in recent Tuesday trading.

Price: 18.21, Change: +0.97, Percent Change: +5.66