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UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Cisco Systems

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In a report published Monday,Goldman Sachs Group reiterated its Buy rating on Cisco Systems (NASDAQ: CSCO), and slightly raised its price target from $24.00 to $25.00.

Goldman Sachs noted, “We attended Cisco's analyst day in New York on Friday, December 7. The key incremental takeaways include: (1) Cisco maintained its long-term top-line growth guidance of 5-7%, but raised its operating margin guidance to the high 20% range from mid-20% previously, and guided for stable gross margins at 61-62% over the next three years (vs. last year's analyst day guidance of 60-62% GM over the next one year). (2) The company expects its software revenues to increase from $6bn in FY2012 to $12 bn and its recurring revenues to rise from 22% in FY2012 to 25-30% over the next 3 to 5 years.”

Cisco Systems closed on Friday at $19.34.

Latest Ratings for CSCO

DateFirmActionFromTo
Dec 2014Bank of AmericaMaintainsBuy
Dec 2014WedbushInitiates Coverage onOutperform
Dec 2014UBSMaintainsBuy

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