Piper Sandler analyst James Fish reiterated a Neutral rating and $52.00 price target on Cisco (NASDAQ: CSCO).

The analyst commented, "Management was clearly trying to message that the demand environment is returning back to normal, Cisco will continue to shift investments towards AI, Cloud, & Security that is resulting in a re-allocation of resources, the company is collapsing its product structure under Jeetu Patel as 'platformization' across categories is happening, and AI & datacenter modernizations are occurring. With this in mind, results exceeding expectations, and guide better than feared, this has sent shares ~5% higher. Debate will remain around if this is sustainable given the macro, cost savings potential to margins, Splunk's impact, and the organizational changes. We are reiterating our Neutral / $52 PT but are encouraged by the potential that the worst may be behind Cisco, datacenter modernizations are picking-up,\ margins may be sandbagged, and the platformization strategy is working."

For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.

Shares of Cisco closed at $45.44 yesterday.