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After introducing the ‘Moonshot’ server two months back, Hewlett-Packard Co. (HPQ - Analyst Report) or H-P has now unveiled a host of new storage solutions. The new product launches will push H-P further toward the high-margin enterprise storage space, thereby curbing its dependence on the PC market.

The new products such as 3PAR StoreServ 7450 Storage, 3PAR Peer Persistence, StoreOnce Virtual Storage Appliance, StoreEver MSL6480 Tape Library and Data Protector 8 will add to the family of H-P’s converged Infrastructure portfolio.

H-P's Converged suites bring together servers, storage and networking products to manage data centers from a common platform. The Converged platform has been designed to make data center handling simpler, more flexible, efficient and cost effective.

In today's technology-driven world, the enterprise storage space is one of the most enviable growth areas and we believe that H-P is doing very well in this category. Moreover, with advanced offerings, H-P’s Converged portfolio will able to attract new clients.

In a separate development, H-P also announced the expansion of its big data portfolio. H-P introduced a big data analytics platform, HAVEn, which will offer H-P’s analytics software as well as hardware and services. The platform will allow the user to develop and operate big data-ready analytics applications and solutions.

In April, H-P launched its ‘Moonshot’ server systems to ease growing demand for cloud computing, e-commerce and big data. H-P looked quite confident with Moonshot as it is expected to surpass the benefits of traditional server systems in every possible way.

H-P has been trying hard to shift its focus from the PC-centric business to the high-margin server, storage and cloud computing space. The back-to-back launches of a new BPO (business process outsourcing) solution, a host of desktop printers, two media players and the Moonshot server in the past few months indicates that H-P’s plans are well on track.

But we think revenue flow from this could get delayed due to a tough spending environment.

Currently, H-P has a Zacks Rank #3 (Hold). Investors may consider other technology stocks that are performing well and have positive Zacks Rank. SanDisk Corp. (SNDK - Analyst Report), Advent Software Inc. (ADVS - Snapshot Report) and Pegasystems Inc. (PEGA - Snapshot Report) all have a Zack Rank #1 (Strong Buy) and are worth buying.

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