Cisco Gains on Upgrades; Credit Suisse Sees Nearly 30% Upside By Investing.com
By Dhirendra Tripathi
Investing.com – Cisco Systems stock (NASDAQ:) rose 2%Thursday on ratings and price upgrades by at least seven brokerages.
Wednesday was the Investor Day for Cisco Systems, a computer networking firm. The company projected revenue growth of 5% to 7.7% over the next four years.
Credit Suisse’s (NYSE:) $74 is the highest target of the seven and around 29% above the stock’s Wednesday close of $57.56. Sami Bedri, an analyst on the stock, had previously set a $56 target.
Bedri said that investor sentiment at present is cautiously positive, however, they expect the stock to improve as it executes on long-term goals and increases its recurring revenue. Bedri stated that the quality of the products is better than initially thought.
Bedri believes that company can use free cash flows to purchase back stock, something which was not stated in guidance.
JPMorgan (NYSE) set a $70 target for the stock on Wednesday, which is 22% more than Wednesday’s close. The stock was added to the Analyst Focus List and it is reaffirmed its Overweight rating.
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