Jefferies Reiterates Buy on Cisco Systems (CSCO) Following 1Q

November 17, 2016 8:14 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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Jefferies reiterated a Buy rating and $35.00 price target on Cisco Systems (NASDAQ: CSCO) following the company's 1Q earnings report. CSCO reported overall sales of $12.352B and EPS of $0.61, beating Street expectations of $12.33B and $0.59, respectively. Management guided for January sales at -2% to -4% Y/Y after normalizing for the STB business divestiture.

Analyst George Notter commented, "Investors should take “a grain of salt” with the January guidance given: 1) the disruption in near-term sales associated with Cisco’s move toward SaaS/ recurring revenue; and 2) their propensity to sandbag guidance from time to time (we do agree they’re seeing some Service Provider softness)."

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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