Goldman Sachs Upgrades Cisco (CSCO) to Conviction Buy

Goldman Sachs upgraded Cisco (NASDAQ: CSCO) from Buy to Conviction Buy with a price target of $54.00.

Analyst Rod Hall comments "As market volatility increases we also see Cisco as relatively defensive in our sector. Cisco’s end markets remain healthy and improving, with US top 4 carrier capex growing 13% and hyperscale capex growing 29% in 2018, and our December 2017 CIO survey implying 3.4% growth in enterprise networking spending in 2018. While a macro downturn would likely impact enterprise spending, we see both hyperscale and carrier spending as late cyclical to the extent they are cyclical at all. We also believe the current campus switching refresh provides better than normal support for Cisco’s enterprise business."

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 $43.07 yesterday.

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