Jefferies reaffirms its 'buy' recommendation on Cisco Systems, with an adjusted price target of $55 to $56, the day after the network technology provider released its third-quarter 2023-24 results.

Cisco expects the digestion of excess customer inventories to be completed by the end of the July quarter", the broker points out, adding that "cost reduction and a possible rebound in business put a floor under the stock".

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