Cisco: New Street Research upgrades to 'buy'
(CercleFinance.com) - New Street Research has upgraded its rating on the Cisco share to "buy", with a target price of 60 dollars, hailing the end to depressed IT spending.
In a note to clients, the independent research house said the network gear maker last night reported quarterly results that were down nearly 10% year-on-year, but guided five points above average seasonality for the current quarter.
"We have reasons to believe Cisco has seen the worst of it and is now well positioned to benefit from a favorable IT spending environment in 2021," it wrote in the report.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note to clients, the independent research house said the network gear maker last night reported quarterly results that were down nearly 10% year-on-year, but guided five points above average seasonality for the current quarter.
"We have reasons to believe Cisco has seen the worst of it and is now well positioned to benefit from a favorable IT spending environment in 2021," it wrote in the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.