Cisco (CSCO) PT, Estimates Lifted at Piper Jaffray on 'Solid' Q3
Piper Jaffray analyst Troy Jensen reiterated an Overweight rating on Cisco (NASDAQ: CSCO) following solid Q3 results and boosted his price target to $26.00 (from $24.00).
Jensen comments, "Cisco reported solid results with revenues coming in slightly better than the high-end of guidance (down 5.5% y/y vs. guidance of down 6-8% y/y) driven by strength in US Commercial and US Enterprise. EPS was three cents above consensus, aided by share repurchases, cost cutting and revenues ahead of expectations. Management’s tone was modestly upbeat and book/bill was noted to be “comfortably” greater than 1.0x. While guidance still implies continued Y/Y declines, shares remain relatively inexpensive in our
opinion and we see little downside risk, supported by an attractive dividend yield and share buybacks."
The firm lifted FY 2014 EPS from $1.97 to $2.04 and FY 2015 EPS from $2.11 to $2.25.
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Shares of Cisco closed at $22.81 yesterday.