Cisco: BofA reiterates buy rating with $60 TP

(CercleFinance.com) - On Thursday Bank of America reiterated its buy recommendation on and $60 target price for Cisco Systems shares, hailing the Californian group's 'solid' quarterly results, marked in its view by a normalization of demand.


The broker highlights the accelerating growth of the network equipment supplier, which is benefiting from an improvement in order intake, which rose by 6% (excluding Splunk) over the past quarter, compared with a 14% decline a year earlier and stability in the previous quarter.

Given that the stock has underperformed the Nasdaq by 24% since the beginning of the year, despite the prospect of improved growth and margins, this represents an interesting buying opportunity.


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