Nutanix (NTNX), Cisco Systems (CSCO) and Hewlett Packard Enterprise (HPE) represent opportunities for "outsized" growth next year, Morgan Stanley said Tuesday in its telecom and networking equipment 2025 outlook.
"Enterprise presents the biggest opportunity for outperformance in our view, as valuations are still reasonable and there are opportunities for positive estimate revisions," Morgan Stanley said.
Morgan Stanley said 2025 is coming with "healthier budgets, inventory positions and valuations" after a 2024 that saw enterprise names "largely working through inventory digestion or more muted spend environments."
The investment bank boosted its price target on Nutanix to $85 from $78 and Cisco to $68 from $62 and maintained Hewlett Packard's $28 price target.
Morgan Stanley added that it is moving Nutanix to its "Top Pick" because of opportunity for share gains from VMware and "ability to capture enterprise spend upside."
Price: 66.48, Change: +0.19, Percent Change: +0.29
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