Drexel Hamilton Cuts Price Target on Cisco Systems (CSCO) Following 1Q and Soft Guide

November 17, 2016 8:06 AM EST
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Price: $30.10 +0.40%

Rating Summary:
    32 Buy, 25 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Drexel Hamilton reiterated a Buy rating on Cisco Systems (NASDAQ: CSCO), and cut the price target to $36.00 (from $37.00), following the company's 1Q earnings report. Cisco reported 1Q sales of $12.35 billion that beat the consensus at $12.34 billion. Pro forma EPS of $0.61 was better than consensus at $0.59. For 2Q:FY17, Cisco expects sales to fall by 2% to down 4% YoY, below the Street estimate of $12.16 billion.

Analyst Brian White commented, "Last night, Cisco delivered a strong 1Q:FY17 print with exceptional margin performance but a soft 2Q:FY17 outlook. We are trimming our estimates and slightly adjusting our 12-month price target to $36.00 from $37.00."

For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.

Shares of Cisco closed at $31.57 yesterday.

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