Drexel Hamilton Raises Price Target on Cisco Systems (CSCO) Following 4Q Beat
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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."
Shares of Cisco closed at $30.72 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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