Piper Jaffray Reiterates Overweight Rating, $29 PT on Cisco Systems Following Recent Earnings/Mixed Results

In a report published Friday, Piper Jaffray analyst Troy D. Jensen reiterated an Overweight rating and $29.00 price target on Cisco Systems CSCO. In the report, Piper Jaffray noted, “We rate Cisco with an Overweight rating and $29 price target. Our $29 price target equates to 10x our fully taxed CY14 operating income assumption plus cash. This is a slight premium to our 8-9% operating income growth assumption, but justified, in our view, given the 3% + dividend yield and healthy cash balance. Risks to our price target include Competition from domestic and foreign equipment vendors, limited visibility into carrier deployments, integration risk and a macroeconomic slowdown.” Cisco Systems closed on Thursday at $24.49.