Drexel Hamilton Raises Price Target on Cisco Systems (CSCO) Following 4Q Beat

August 18, 2016 8:43 AM EDT
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Price: $30.15 -0.03%

Rating Summary:
    33 Buy, 23 Hold, 2 Sell

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Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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Drexel Hamilton reiterated a Buy rating on Cisco Systems (NASDAQ: CSCO), and raised the price target to $37.00 (from $36.00), following the company's 4Q earnings report. Cisco reported sales of $12.64 billion that beat the consensus estimate at $12.57 billion and pro forma EPS of $0.63 was better than the consensus at $0.60.

Analyst Brian White commented, "Last night, Cisco delivered a strong 4Q:FY16 print with excellent margin performance and a 1Q:FY17 outlook that we are comfortable with given the current IT spending environment. As such, we are maintaining our EPS estimates and adjusting our 12-month price target to $37.00 from $36.00."

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 $30.72 yesterday.

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