Drexel Hamilton Cuts Price Target on Cisco Systems (CSCO) Following 1Q and Soft Guide
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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."
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, Analyst PT Change
Related EntitiesEarnings, Drexel Hamilton, Brian White
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