UPDATE: MKM Partners Upgrades Cisco (CSCO) to Buy; Order Rate Looks to Have Bottomed
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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: 13 | Down: 14 | New: 11
Rating Summary:
35 Buy, 27 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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(Updated - October 2, 2012 2:58 PM EDT)
With six upgrades since May, the Street is really starting to warm up to Cisco (NASDAQ: CSCO). Today was the latest, with MKM Partners lifting its rating from Neutral to Buy.
The firm said their analysis suggests it is best to own CSCO when the year-over-year product order rate is accelerating. Well that's just what appears to be happening.
"Our recent U.S. value added reseller (VAR) checks suggest the order rate likely stabilized in August and early September and has been slightly accelerating in late September with a similar trajectory heading into October", analyst Michael Genovese states.
The firm lifted their price target from $20 to $24, or 12x their now higher-conviction CY13 EPS forecast.
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 $19.04 yesterday.
With six upgrades since May, the Street is really starting to warm up to Cisco (NASDAQ: CSCO). Today was the latest, with MKM Partners lifting its rating from Neutral to Buy.
The firm said their analysis suggests it is best to own CSCO when the year-over-year product order rate is accelerating. Well that's just what appears to be happening.
"Our recent U.S. value added reseller (VAR) checks suggest the order rate likely stabilized in August and early September and has been slightly accelerating in late September with a similar trajectory heading into October", analyst Michael Genovese states.
The firm lifted their price target from $20 to $24, or 12x their now higher-conviction CY13 EPS forecast.
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 $19.04 yesterday.
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