Deutsche Raises Price Target on Cisco (CSCO), Sees Signs of Market Share Gains
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Price: $111.68 -1.58%
Rating Summary:
35 Buy, 27 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
Rating Summary:
35 Buy, 27 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 6 | Down: 4 | New: 7
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Deutsche Bank is maintaining its Buy rating on shares of Cisco (NASDAQ: CSCO), while lifting its price target from $22 to $24.
The company reported strong Q2 results as both sales and earnings beat the Street's expectations. The firm notes that Cisco experienced gains across all segments and healthy orders from carriers. Deutsche highlights this is a sign of gains in market share.
An analyst at Deutsche comments, "Our latest channel checks suggest a gradual, yet meaningful improvement in enterprise network upgrade activity, implying improving fundamentals for Cisco’s campus and datacenter switching, collaboration, and mobile broadband business. Further, we believe that the street could be underestimating Cisco’s massive installed base in switching and routing. This is a sizeable footprint to drive sales of new architectures such as virtualized fabrics, port extenders, security appliances and other products."
The firm raised its FY12 and FY13 EPS estimates from $1.81 and $1.97 to $1.86 and $2.05.
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 $20.43 yesterday.
The company reported strong Q2 results as both sales and earnings beat the Street's expectations. The firm notes that Cisco experienced gains across all segments and healthy orders from carriers. Deutsche highlights this is a sign of gains in market share.
An analyst at Deutsche comments, "Our latest channel checks suggest a gradual, yet meaningful improvement in enterprise network upgrade activity, implying improving fundamentals for Cisco’s campus and datacenter switching, collaboration, and mobile broadband business. Further, we believe that the street could be underestimating Cisco’s massive installed base in switching and routing. This is a sizeable footprint to drive sales of new architectures such as virtualized fabrics, port extenders, security appliances and other products."
The firm raised its FY12 and FY13 EPS estimates from $1.81 and $1.97 to $1.86 and $2.05.
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 $20.43 yesterday.
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