stockmarket

Cisco Snags a Third Upgrade in Two Months




By Dhirendra Tripathi

Investing.com – Cisco (NASDAQ:) hit a 52-week high Friday following an upgrade to outperform by Wolfe Research.

Wolfe is at least the third brokerage upgrade, after JPMorgan (NYSE:) and Goldman Sachs (NYSE:) did last month.

The stock hit a high of $53.18 on Friday but eased off a bit to trade 2.3% higher.

Wolfe’s Jeffrey Kvaal has put a target of $63 on the stock, an upside of almost 19% from the current price even after the latest boost.

Goldman has set a 12-month price target of $59 while JP Morgan’s is at $55.  

A higher contribution to the revenue mix from software will contribute to multiple expansion, along with an improving hyperscale play, Kvaal wrote in the note.

Strong IT spending should prove a tailwind to estimates through the 2022 fiscal year, he said.

Cisco has mostly missed out on the rally seen in tech stocks in the year so far. Analysts see the company benefiting from higher networking opportunities as vaccinations help people return to offices.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Read More   Amazon, Microsoft chosen to compete for Pentagon cloud computing contract

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.