Wunderlich Securities Raises Cisco Systems PT To $24 (CSCO)
Wunderlich Securities raised its Cisco Systems (NASDAQ: CSCO) price target to $24 from $22 in a research report published today. Wunderlich Securities has previously given Cisco Systems a Hold rating.
In the report, Wunderlich Securities states, "Cisco (CSCO) reports 2Q11 Wednesday after the close. During 2Q11 we believe inventory conditions in commercial channels improved and demand remains firm with enterprise accounts. We are raising our forecast to the low end of the full-year goal of 9%-12% revenue growth management targeted during the last earnings call. Our price target increase to $24 from $22 reflects a slight forecast increase, the effect of time on our intrinsic value calculation, and the view that prospects will improve for multiple expansion toward the level of the S&P 500, especially as the market looks beyond the comparison with the 14-week quarter of 3Q10."
Shares of Cisco Systems were at $22.20 in pre-market trading at the time of posting, up 0.68% from Friday's market close.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.