Analysts Remain Positive on Cisco After Earnings
Shares of Cisco (NASDAQ: CSCO) were down in early trading on Thursday, despite the fact that the company posted solid earnings Wednesday afternoon.
Cisco posted an earnings per share figure of $0.51 compared to a $0.48 estimate, revenue also came in a bit better than expected, at $12.1 billion -- more than the $12.06 billion estimate. Cisco's guidance was largely in line; the company guided third quarter earnings per share in the range of $0.48-0.50 compared to the $0.49 estimate.
Following the quarter, analysts were mostly positive on the stock, although much of the analyst community already had Buy ratings on Cisco prior to the report.
- Nomura maintained its Buy rating, but raised its price target to $25.
- Topeka Capital maintained its Buy rating, but raised its price target to $26.
- Stifel Nicolaus maintained its Buy rating on Cisco, but raised its price target to $25.
- Piper Jaffray reiterated its Overweight rating and $25 price target.
- Wedbush reiterated its Outperform rating and $24 price target.
- Goldman Sachs reiterated its Conviction Buy and $25 price target.
- Sterne Agee reiterated its Buy rating and $23 price target.
Only analysts at Jefferies and ISI Group were cautious. Jefferies reiterated its Hold rating, but did increase its price target to $22. ISI Group, on the other hand, has a Cautious rating on Cisco, and in the analyst note, suggests that Cisco could be a “value trap.”
Shares of Cisco traded near $20.60 early Thursday.
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