UPDATE: Wolfe Research Upgrades Cisco (CSCO) to Outperform
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Wolfe Research analyst Jeff Kvaal upgraded Cisco (NASDAQ: CSCO) from Peerperform to Outperform with a price target of $63.00 (from $48.00).
The analyst comments "Strong IT spending should prove a tailwind to Cisco estimates through FY22. Cisco’s improving structural narrative – a rising software mix and an improving hyperscale play – also merit multiple expansion. Our higher estimates and multiple translate to a $63 target and an Outperform rating."
Shares of Cisco closed at $51.90 yesterday.
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