UPDATE: Loop Capital Assumes Cisco (CSCO) at Buy
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Loop Capital analyst Fahad Najem assumes coverage on Cisco (NASDAQ: CSCO) with a Buy rating and a price target of $71.00.
The analyst comments "Back to The Future: The Return of Golden Age of Networking...The Networking Equipment and Optical Component sectors are returning to a "golden age" not seen since the days of the dot-com era. It is becoming clear that networking technology is sine qua non to our digital economy-- the COVID-19 pandemic punctuated this fact. Post COVID-19 pandemic, we see cyclical, secular, and regulatory factors coming together to drive a rising tide of demand – meaningfully above investor expectations—for networking equipment and technology. To put this opportunity into context, the macroeconomic set-up, along with the technology upgrade cycle, is fostering, we think, the best-case demand for the networking equipment sector in over 20 years."
Shares of Cisco closed at $53.90 yesterday.
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