Buy Cisco (CSCO) on Weakness Following Lackluster Guidance - Baird
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Baird analyst Jayson Noland said they would be buyers on Cisco (NASDAQ: CSCO) on today's likely weakness following results and lower guidance. The firm maintained an Outperform rating and price target of $35.
Noland commented, "Cisco posted a decent FQ1 but guided FQ2 below consensus primarily due to issues in the telecom Service Provider market. As previewed, the corporate business was OK, Security was solid, gross margin was stable and UCS was soft. We continue to see the stock as attractively priced and view the company was well positioned relative to most peers. We are buyers on likely weakness."
The firm modified F17E revenue/non-GAAP EPS to $48.0 billion/$2.40 from $49.4 billion/$2.45, assuming flat top-line growth. They also introduced F18E estimates of $47.9 billion/$2.46.
Shares of Cisco closed at $31.57 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesRobert W Baird, Jayson Noland
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