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Dell and HPE set up for more post-earnings momentum
Ahead of Dell’s Sept. 1 and HPE’s Sept. 2 reports, J.P. Morgan expects both firms to raise guidance, with AI server demand a key support for estimates.
Dell Technologies and Hewlett Packard Enterprise are scheduled to report within a day of each other, with Dell on Sept. 1 and HPE on Sept. 2, setting up a closely watched earnings stretch for investors tied to the companies’ AI and broader infrastructure demand outlooks. Analysts have penciled in Dell revenue of $44.5 billion and adjusted EPS of $4.92, while HPE is estimated to deliver revenue of $11.94 billion and adjusted EPS of $0.93, according to Yahoo Finance.
The article says the market will likely focus more on what comes after the numbers than on any incremental headline beat, pointing to how each company has already lifted expectations recently. Dell previously raised its full-year revenue outlook from $140 billion to $167 billion and nearly doubled its GAAP EPS guidance to a $17.31 midpoint, alongside an AI backlog of $51 billion and an AI revenue guide of $60 billion for the year, with another raise widely expected.
For HPE, the piece notes recent momentum from Juniper, with the company in June posting record revenue and margins, raising its full-year outlook, and pulling its fiscal 2028 profit target forward by two years. It frames HPE’s setup as benefiting from Juniper’s networking exposure and compares the investment debate between Dell’s growth and HPE’s mix, while still emphasizing that margin pressure is something investors will monitor closely.
Finally, Yahoo Finance highlights a potential risk that could mute the impact of another guidance increase, noting that both firms have already flagged memory price pressure lasting into 2027 and that the market has been rewarding growth that does not strain margins. It also describes both stocks as trading above their own historical levels, suggesting investors are already positioning for good news going into the next set of results.