Stifel Resumes Cisco (CSCO) at Hold
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Stifel resumes coverage on Cisco (NASDAQ: CSCO) with a Hold rating and a fair value target of $34.00.
Analyst Aaron Rakers highlights the company's Data Center strategy. " As we evaluate Cisco’s vast product and solutions portfolio and growth drivers, we believe one of the most significant disconnects between Cisco’s growth expectations and Street estimates exists in the company’s Data Center segment – i.e., Cisco previously targeting a 20-25% 3-5 year revenue CAGR vs. our current F2016-F2019 estimate at a 3% CAGR. We believe a deepening push in the data center market will be a focus – rack-optimized servers (Cisco at only ~3.5% revenue share), hyper-converged infrastructure / storage (market estimated growing to ~$6B by 2020), software, etc."
Shares of Cisco closed at $31.57 yesterday.
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