Cisco (CSCO) PT Raised at Wells Fargo

Wells Fargo maintained an Outperform rating on Cisco (NASDAQ: CSCO) and lowered its price target to $27-$29 (from $24-$26). The change follows strong Q3 results.

Analyst Jess Lubert said, "There were several positives in the quarter as strength was broad based across products and geographies, deal sizes improved and margins were better than expected, throwing cold water on the bear case calling for further declines."

"U.S. enterprise and commercial orders saw double-digit growth, which along with improvements in Europe offset ongoing challenges in emerging markets. While the FQ4 outlook implies better than seasonal sequential growth, with the book-to-bill “comfortably above 1”, new products seeing traction and the company offering an incrementally positive tone regarding customer demand, we sense the forecast could prove conservative. With a return to growth increasingly likely during FH1 2015 and the stock still offering an attractive combination of valuation and yield, we continue to recommend Cisco shares. Post FQ3, we raise FY2014E/FY2015E EPS from $2.00/$2.24 to $2.04/2.26 and raise our range from $24-26 to $27-29," he added.

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 $22.81 yesterday.

You May Also Be Interested In

• EasyJet Plc. (EZJ:LN) (ESYJY) PT Raised to GBP750 at BofA Securities
• Intuitive Surgical (ISRG) PT Raised to $390 at Deutsche Bank
• Liberty Oilfield Services (LBRT) PT Raised to $26 at Wells Fargo