Cisco Systems Inc (NASDAQ:CSCO) will report its third-quarter earnings Wednesday after the market close, with Wall Street expecting earnings per share of 92 cets and revenue of $14.08 billion.
The stock has climbed 25.4% over the past year, despite being down 3.87% year-to-date and slipping 6.92% in the past month. However, over the last five trading days, Cisco stock has regained 2.53%, and a confluence of bullish technical signals suggests momentum may just be heating up.
Let's take a look at what's propelling Cisco's stock and how the charts are setting up ahead of earnings.
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Cisco Stock Strongly Bullish Ahead Of Q3 Earnings
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Cisco stock at $61.38 trades decisively above its eight-, 20-, 50- and 200-day simple moving averages, triggering a string of bullish technical signals. The eight-day SMA sits at $60.30, the 20-day at $58.07, the 50-day at $59.13 and the 200-day at $56.79 — all beneath the current price.
The Moving Average Convergence Divergence (MACD) indicator clocks in at 0.79, further reinforcing the bullish momentum. Meanwhile, the Relative Strength Index (RSI) is at 64.67 — elevated, but not yet in overbought territory.
Cisco Analysts See 9% Upside
Cisco Analysts Ratings & Consensus Estimates: The consensus rating on Cisco stock stands at Buy, with an average price target of $62.65. Recent bullish sentiment from top Wall Street firms reinforces that view.
The three most recent analyst updates — from Evercore ISI Group, Rosenblatt and JPMorgan — carry an average price target of $66.67, implying an upside of roughly 8.66% from current levels.
CSCO Price Action: Cisco stock was trading down 1.25% at $61.01 at the time of publication on Wednesday.
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