UPDATE: Piper Jaffray Raises PT to $25 on Cisco Systems on Expectation of Strong Results
Piper Jaffray maintained Cisco Systems (NASDAQ: CSCO) with an Overweight rating and raised the price target from $22.00 to $25.00.
Piper Jaffray said, "We expect Cisco's slightly better January quarter will be driven by continued improvements from US Enterprise customers, rebounding demand from Europe, and typical year end strength from service providers. We also anticipate Cisco's tone regarding increased carrier capex intentions for 2013 will be favorable and help provide a positive outlook for future quarters. We continue to recommend CSCO shares as one of our favorite large cap ideas given the attractive valuation, improved sales execution, tight cost controls and 3% dividend yield."
Cisco Systems closed at $21.27 on Monday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.