Jefferies Upgrades Cisco (CSCO) to Buy
Jefferies upgraded Cisco (NASDAQ: CSCO) from Hold to Buy with a price target of $27.50 (from $26.00).
Analyst George Notter commented, "Cisco's results and guidance were consistent with our prior views – they hit the quarter and guided down modestly relative to Street expectations. Their commentary about the macro environment was better-than-feared. With the recent swoon in the share price, we think the risk/reward is attractive and we’re upgrading the name to a Buy rating."
The firm raised FY 2016 EPS from $2.25 to $2.28 and FY 2017 EPS from $2.35 to $2.40
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Shares of Cisco closed at $22.51 yesterday.