Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Cisco Snags a Third Upgrade in Two Months

Published 16/04/2021, 17:39
Updated 16/04/2021, 17:40

By Dhirendra Tripathi

Investing.com – Cisco (NASDAQ:CSCO) 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:JPM) and Goldman Sachs (NYSE:GS) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.