Jefferies Starts Cisco (CSCO) at Hold
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Price: $111.68 -1.58%
Rating Summary:
35 Buy, 27 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
35 Buy, 27 Hold, 0 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Jefferies initiates coverage on Cisco (NASDAQ: CSCO) with a Hold rating and $15.75 price target.
The firm said, "We believe it's too early for investors to commit to the stock as we’re still in the very early innings of a potential turnaround."
Jefferies said while the organization has a tremendous franchise to leverage going forward the had a misguided growth strategy.
With budget cuts the firm sees ongoing public sector declines.
Commenting on a turnaround and valuation the firm stated: "While the organization has a tremendous franchise and the stock looks cheap, it’s very early days in the company’s restructuring efforts. Cisco hasn't yet addressed a myriad of issues in the business. Also, we expect that there’s significant inertia - these types of turnarounds can take a very long time."
For more ratings news on Cisco click here and for the rating history of Cisco click here.
Shares of Cisco closed at $16.25 yesterday.
The firm said, "We believe it's too early for investors to commit to the stock as we’re still in the very early innings of a potential turnaround."
Jefferies said while the organization has a tremendous franchise to leverage going forward the had a misguided growth strategy.
With budget cuts the firm sees ongoing public sector declines.
Commenting on a turnaround and valuation the firm stated: "While the organization has a tremendous franchise and the stock looks cheap, it’s very early days in the company’s restructuring efforts. Cisco hasn't yet addressed a myriad of issues in the business. Also, we expect that there’s significant inertia - these types of turnarounds can take a very long time."
For more ratings news on Cisco click here and for the rating history of Cisco click here.
Shares of Cisco closed at $16.25 yesterday.
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