Cisco's (CSCO) Buy Rating Maintained at Deutsche Bank
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Deutsche Bank maintained a Buy rating on Cisco (NASDAQ: CSCO) with a price target of $37. Analyst Vijay Bhagavath called its Q1 report "mixed," but he sees growth drivers in 2017 and beyond.
"Q1 beat: $12.35B / 61c versus consensus: $12.33B / 59c, offset by a weak Q2 guide: $11.36B to $11.60B / 55-57c versus consensus: $12.14B / 59c. The weak Q2 guide was attributed mainly to Service Provider orders down 12%. We take a 'glass half full' view on CSCO. We see CSCO, leveraging the power of its strong balance sheet and cash flow to 'double down' inorganically and through new products in Mega Themes: 1) Infrastructure Automation and Analytics; 2) Next Gen Security; 3) Cloud Managed Services (Meraki); 5) Internet of Things, etc. Maintain conviction on our +$3 Earnings Power view. Reiterate BUY and $37 PT on our updated FY17/18 estimates," said the analyst.
Shares of Cisco closed at $31.57 yesterday.
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