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Investing.com - BofA Securities has raised its price target on Cisco (NASDAQ:CSCO) to $85.00 from $76.00 while maintaining a Buy rating on the stock. The networking giant, currently trading near its 52-week high of $72.55, has delivered impressive returns with a 59.18% gain over the past year.
The firm cited Cisco’s revamped portfolio, a significant infrastructure cycle driven by AI and data growth, and improved execution as key factors behind the decision.
Cisco’s recent results showed revenue growth of 7.6% year-over-year, slightly exceeding Street expectations of 7.3%, with in-line margins and earnings per share of $0.98, one cent above consensus estimates.
BofA Securities noted the company achieved 10% order growth excluding the weak Federal segment, along with strong networking trends and recovery in Security growth.
The new price target is based on approximately 20x CY26E EV/FCF, up from the previous multiple of 18x.
In other recent news, Cisco Systems Inc. reported its fiscal fourth-quarter earnings, surpassing Wall Street expectations. The company achieved an earnings per share of $0.99, slightly ahead of the forecasted $0.98. Cisco’s revenue for the quarter reached $14.7 billion, exceeding the anticipated $14.62 billion. These results highlight the company’s ability to outperform analysts’ projections. Despite the positive earnings report, Cisco’s stock experienced a decline during regular trading hours. However, it saw a modest increase in after-hours trading. The earnings announcement is a significant development for investors assessing Cisco’s financial performance.
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