UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Cisco Systems
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
|Jan 2016||Pacific Crest||Maintains||Overweight|
|Nov 2015||SunTrust Robinson Humphrey||Initiates Coverage on||Buy|
|Oct 2015||Barclays||Initiates Coverage on||Overweight|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.