Jefferies Say Cisco Systems (CSCO) Risk/Reward Remains Balanced
Jefferies reiterates a Hold rating on Cisco (NASDAQ: CSCO),and raised the price target to $29.50 (from $27.25), saying "risk/reward remains balanced". Analyst George Notter said that CSCO posted slightly better than expected results from the April quarter. "Sales of $12.14 billion (+2.7% Q/Q, +5% Y/Y) and EPS of $0.54 beat Street expectations of $12.06 billion and $0.53, respectively".
Notter commented on CSCO, saying, "We’re still torn on the stock. They’re executing the business quite well. Softness in U.S. Service Providers and the BRIC countries are keeping Cisco’s stars from aligning to some extent. On the flipside, the comps for the business are getting tougher. Also, the stock is already trading fairly tight with its peers (and above Cisco’s own historical valuation ranges)"
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Shares of Cisco closed at $29.35 yesterday.