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Drexel Hamilton on Thursday issued a report on Cisco Systems, Inc. (NASDAQ: CSCO) after the company announced its purchase of Jasper Technologies. The firm rates Cisco as a Buy with a $34 price target.
Analyst Brian White wrote, "Last night, Cisco announced plans to expand the reach of its IoT (Internet of Things) initiative with the planned purchase of privately-held Jasper Technologies for $1.4 billion in a deal that is expected to close in 3Q:FY16. Over the past few years, Cisco has been one of the most vocal advocates of the potential for IoT and we believe this acquisition further enhances its capabilities in this rapidly growing area."
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See Also: Cisco Pays $1.4 Billion For Jasper, But What's A Jasper?
Analysts at Drexel Hamilton highlighted two key capabilities that Jasper provides to Cisco:
1. Cloud-based Internet-of-Things platform:
Drexel Hamilton noted that Jasper's Control Center Software can help Cisco's customers adapt its business models from selling devices to offering services as the platform helps companies launch and monetize its Internet-of-Things services. Furthermore, with Cisco's large customer base, this platform has the potential to reach a large area of the market and drive value for a diverse range of businesses.
2. Connectivity
Analysts wrote that Jasper's Internet-of-Things platform can connect to many devices including cars, industrial robots and vending machines, making the device "smart" and driving that object's capabilities. With the wide range of devices that support the platform, Drexel Hamilton sees Jasper creating large value for Cisco's customers who wish to make its businesses more adaptable to customer demands.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.