Market Overview

Cisco Rises 5% On A Strong Q1: This Chart Shoes More Room To Run

Share:
Related CSCO
Benzinga's Top Upgrades, Downgrades For December 14, 2018
A Peek Into The Markets: US Stock Futures Tumble Ahead Of Economic Reports
Time To Connect The Dots (Stocks To Watch Podcast) (Seeking Alpha)

Summary:

  • Cisco Systems, Inc. (NASDAQ: CSCO) traded 6 p higher on Thursday.
  • The company posting earnings that beat Wall Street expectations for revenue and earnings, demonstrating it was continuing to deliver on its “software as a service” business model.
  • Given its positive technical patterns, we see additional upside for this stock.

Cisco Systems Stock Weekly Chart

The networking and telecommunications company reported earnings per share of $0.75 and total revenue of $13.1 billion, compared to analyst estimates of $0.72 and $12.9 billion. Cisco also nailed its guidance, projecting $0.71-0.73 for Q4, with the average analyst estimating $0.72.

Speaking of their competitive advantage, CEO Chuck Robbins explained that, “We are fundamentally changing the industry. We're building an architecture that is designed to securely connect any user on any device on any network to any application running anywhere.”

This stock has bucked a negative trend in the tech sector. Looking at the market cycles for CSCO, our analysis is that it is in the rising phase of its current cycle. As it is early in this cycle, we believe there is still room for the stock to run. Our near-term target is a test of recent highs near $50.

Related Links:

Cisco's Post-Earnings Gain Mirrors Positive Wall Street Commentary

7 Stocks Moving In Wednesday's After-Hours Session

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: contributor contributorsEarnings News Technicals Trading Ideas

 

Related Articles (CSCO)

View Comments and Join the Discussion!

BMW, Vodafone And Ericsson Appeal To EU For 5G Car Standard

Tablet Boom Fades As Smartphones, Sleek Laptops Take Over