UPDATE: Piper Jaffray Raises PT to $22 on Cisco Systems Post Analyst Day
Piper Jaffray reiterated its Overweight rating on Cisco Systems (NASDAQ: CSCO) and raised its price target from $21 to $22.
Piper Jaffray said, "Cisco's analyst day reaffirmed our conviction in the company's leadership, vision, and execution, and we believe their goal in becoming the #1 IT vendor is an admirable and achievable long-term objective. We anticipate the focus on acquiring and investing in higher growth, higher margin business segments will allow the company to achieve its business model targets of 5-7% revenue growth and 7-9% EPS growth. We continue to believe Cisco represents an attractive investment given the company's improved execution and attractive valuation."
Cisco Systems closed at $19.34 on Friday.
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