Goldman Sachs Maintains Top Rating on Cisco (CSCO), Says Shares Sould 'Re-Rate' at 12x P/E
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Price: $23.53 +0.09%
Rating Summary:
32 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
32 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade CSCO Now!
Goldman Sachs reiterated its Conviction Buy List rating and $24 price target on Cisco (NASDAQ: CSCO) following solid Q4 results after the close and a 75% dividend hike, representing a yield of 3.1%.
The firm noted book-to-bill is "comfortably above one" and a 16% yoy increase in backlog suggests improving visibility. The firm also said the dividend hike should help narrow the valuation discount.
Goldman sees shares re-rating 12x P/E, in-line with other large-cap tech companies like IBM and Intel.
The firm adjusted FY13 EPS from $1.65 to $1.53 and FY14 from $1.79 to $1.66.
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 $17.35 yesterday, with a 52 week range of $14.90-$21.30.
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The firm noted book-to-bill is "comfortably above one" and a 16% yoy increase in backlog suggests improving visibility. The firm also said the dividend hike should help narrow the valuation discount.
Goldman sees shares re-rating 12x P/E, in-line with other large-cap tech companies like IBM and Intel.
The firm adjusted FY13 EPS from $1.65 to $1.53 and FY14 from $1.79 to $1.66.
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 $17.35 yesterday, with a 52 week range of $14.90-$21.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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