By Dhirendra Tripathi
Investing.com – Cisco Systems stock (NASDAQ:CSCO) rose 2%Thursday on ratings and price upgrades by at least seven brokerages.
The computer networking giant held its Investor Day Wednesday. and projected 5% to 7% revenue growth over the next four financial years.
Credit Suisse's (NYSE:CS) $74 is the highest target of the seven and around 29% above the stock’s Wednesday close of $57.56. Analyst Sami Bedri had a target of $56 on the stock earlier.
According to Bedri, current investor sentiment is cautiously optimistic, but he expects the caution to abate as the company executes on its long-term guidance while ramping up its recurring revenue plans. He said the quality embedded in the product orders is higher than investors initially appreciated.
Bedri also expects the company to use its free cash flows for buybacks, something not captured in the guidance yet.
JPMorgan (NYSE:JPM) put a target of $70 on the stock, 22% higher than Wednesday close. It added the stock to its Analyst Focus List while reiterating its overweight rating.