Piper Sandler analyst James Fish raised the price target on Cisco (NASDAQ: CSCO) to $52.00 (from $51.00) while maintaining a Neutral rating.

The analyst commented, "Shares are pointed ~5% higher following FQ3 results that showed a relatively inline organic quarter, ~inline organic guide, and improving exiting demand that was evidenced by multiple lead-metrics showing upside against buyside's expectations. However, the organic lead metrics were not that impressive (ex-product orders / low-quality) and still suggests core Networking, Security, and Collaboration weakness. We expect multiple debates over the coming weeks ahead of the June 4th analyst day, including around if the organic business can show normalized growth in FY25, the implied opex ramp in FY25 that points to EPS down materially, Splunk's integration & changing competitive landscape, the organic Security trajectory, and the sustainable growth-rates and margins beyond FY25. We are reiterating our Neutral rating ahead of the analyst day. PT to $52."