Jefferies reaffirms its 'buy' recommendation on Cisco Systems with a price target raised from $53 to $66, the day after the company announced solid results and forecasts, supported by the depletion of customer inventories and positive comments on AI.

Splunk has been better than we expected", the broker points out, adding that "order trends have been strong, albeit on an easy comparison basis a year ago".

Pointing also to margins that are "also good, as the company continues to tightly manage costs", Jefferies still considers the risk/reward ratio on Cisco shares to be "positively tilted".

Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses published by Cercle Finance are intended solely as a decision-making aid for investors. Cercle Finance cannot be held responsible, directly or indirectly, for the use of information and analyses by readers. Uninformed investors are advised to consult a professional advisor before investing. This information does not constitute an invitation to sell or a solicitation to buy.