Exclusive Interview with Ellen Zentner, Chief Economic Strategist at Morgan Stanley

Ellen Zentner, Chief Economic Strategist at Morgan Stanley, discusses tariffs, Fed independence, and data integrity at the Bureau of Labor Statistics in an interview. She shares her views on various economic topics and recommends her favorite books. Zentner's team generates event-driven and forward-looking insights for individual and institutional investors and guides internal teams to support the firm's investment strategies.

Morgan Stanley has upgraded Hewlett Packard Enterprise (HPE) to an "overweight" rating, citing potential growth in AI and networking sectors following the Juniper Networks acquisition. The upgrade comes as part of a broader optimism in the tech hardware sector, driven by increasing enterprise spending on AI and networking-related products [1].

Ellen Zentner, Chief Economic Strategist at Morgan Stanley, recently discussed tariffs, Fed independence, and data integrity at the Bureau of Labor Statistics (BLS) in an interview. She highlighted the importance of data integrity and the challenges faced by the BLS under the Trump administration. Zentner emphasized that the BLS's role in providing accurate and unbiased employment data is crucial for economic decision-making [2].

Zentner also shared her views on various economic topics and recommended her favorite books. Her insights are valuable for investors and financial professionals seeking event-driven and forward-looking insights. Morgan Stanley's team generates actionable insights to support the firm's investment strategies and guide internal teams [2].

In the context of HPE, the Juniper Networks acquisition has significantly boosted the company's presence in the networking sector and increased its exposure to AI technologies. Morgan Stanley's thesis suggests an 18% upside to FY26 Consensus EPS, with earnings per share projected to grow to $2.70-3.00 in FY27 [1].

Upcoming catalysts, such as HPE's third-quarter results and its analyst day in October, are expected to drive the stock's performance. Morgan Stanley anticipates favorable guidance for the October quarter, incorporating the impact of the Juniper Networks acquisition [1].

The broader tech hardware sector outlook remains positive, with Morgan Stanley increasing price targets for other companies like Dell Technologies and NetApp. This indicates a generally favorable outlook for enterprise technology spending, particularly in AI and networking-related areas [1].

References:
[1] https://theoutpost.ai/news-story/morgan-stanley-upgrades-hewlett-packard-enterprise-on-ai-and-networking-potential-19381/
[2] https://www.bloomberg.com/news/newsletters/2025-08-22/trump-s-acrimonious-relationship-with-bls-revealed-in-2018-emails