Cisco Systems Inc CSCO shares are trading higher Thursday after the company reported better-than-expected financial results and issued full-year earnings guidance above analyst estimates.
Cisco said fiscal fourth-quarter revenue was flat year-over-year. The company reported quarterly revenue of $13.1 billion, which beat average analyst estimates of $12.73 billion, according to Benzinga Pro.
Cisco reported adjusted fourth-quarter earnings of 83 cents per share, which beat average analyst estimates of 82 cents per share.
"Full year product orders and backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our customers as they accelerate their digital transformation," said Chuck Robbins, chair and CEO of Cisco.
Cisco said it expects fiscal first-quarter revenue to grow between 2% and 4% year-over-year. First-quarter adjusted earnings are expected to be between 82 cents and 84 cents per share versus average analyst estimates of 84 cents per share.
Cisco expects fiscal-year 2023 revenue growth to be between 4% and 6%. Fiscal 2023 adjusted earnings are expected to be between $3.49 and $3.56 per share versus average analyst estimates of $3.35 per share.
Analyst Assessment: Several analysts adjusted price targets on the stock following the company's results.
- Rosenblatt analyst Mike Genovese maintained Cisco with a Neutral rating and raised the price target from $48 to $53.
- Raymond James analyst Simon Leopold maintained Cisco with an Outperform rating and lowered the price target from $63 to $59.
- Credit Suisse analyst Sami Badri maintained Cisco with an Outperform rating and raised the price target from $60 to $65.
- Barclays analyst Tim Long maintained Cisco with an Overweight rating and raised the price target from $55 to $56.
- Goldman Sachs analyst Rod Hall maintained Cisco with a Neutral rating and raised the price target from $45 to $50.
CSCO Price Action: Cisco has a 52-week high of $63.35 and a 52-week low of $40.82.
The stock was up 5.29% at $49.13 at time of publication.
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