Oppenheimer Maintains Outperform on Cisco Systems (CSCO) Ahead of Investor Day

Oppenheimer maintains an Outperform rating and $32 price target on Cisco (NASDAQ: CSCO) leading up to an investor day. New CEO, Chuck Robbins, is expected to take center stage.

Analyst Ittai Kidron commented, "Next week Cisco will host an Investor Day at Cisco Live, its annual customer/channel event. Normally we don't preview the event but this year we feel Cisco needs to deliver a new message to keep investors engaged for another leg in the stock. Specifically, we expect Cisco to (1) communicate how its business model has evolved (SaaS, services, recurring revenue, customer relevance) and its risk profile improved (visibility, predictability), (2) address the recent soft results in its data center switch business, and (3) let new CEO, Chuck Robbins, take more of the center stage. A vision for a new Cisco may not be forthcoming but it's changing, an important point for management to deliver and for investors to understand."

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 $29.31 yesterday.

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