Morgan Stanley's Cisco (CSCO) Checks Show Demand Improved in April, Reiterates Overweight
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Morgan Stanley analyst Meta Marshall reiterated an Overweight rating and $57.00 price target on Cisco (NASDAQ: CSCO) after April checks indicate that demand improved slightly vs. CQ1 with
WiFi, Security, and data center project resumption leading the way.
The analyst stated "we believe earnings power is underappreciated ahead of expected resumptions in enterprise office project activity and inorganic growth contributions from Acacia. Our checks post April leave us further encouraged following our initial checks post March, as well as our positive takeaways from recent New Workplace / Return to Work and Q1 CIO Survey results. Resellers we checked back in with were notably optimistic on growing pipelines and expectations for growth across campus switching, WiFi, security, and data center products."
Shares of Cisco closed at $52.49 yesterday.
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