Cisco Shares Up Slightly Following JP Morgan's Upgrade Neutral
Shares of Cisco (NASDAQ: CSCO) are up 0.5 percent to $26.26 in Friday's premarket session after an earlier upgrade by JPMorgan analyst Rod Hall.
Despite lingering concerns on the impact software-defined networking will have on Cisco, Hall upgraded Cisco from Underweight to Neutral and raised his price target from $18 to $26 on other positive indicators.
Citing improving enterprise networking trends and healthy indicators from other players in the field including F5 Networks (NASDAQ: FFIV), Juniper (NYSE: JNPR) and Citrix (NASDAQ: CTXS), Hall felt the potential software-defined networking impact on Cisco did not justify an Underweight rating.
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