Jefferies Reiterates Buy on Cisco Systems (CSCO) Following 1Q
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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)."
Shares of Cisco closed at $31.57 yesterday.
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