Cisco price target raised to $71 from $68 at Citi

Citi raised the firm’s price target on Cisco (CSCO) to $71 from $68 and keeps a Buy rating on the shares. The company reported modestly better than expected fiscal Q3 results and guidance as solid networking demand, easy compares, and “de-risked margins” yielded upside, the analyst tells investors in a research note. The firm says the key positives included continued growth in networking and data center switch orders, cloud artificial intelliotence order acceleration from $350M to $600M quarter-over-quarter, and the start of AI order conversion. Citi sees growing AI opportunities for Cisco ahead.

Confident Investing Starts Here:

• Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
• Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter