Sterne Agee Upgrades Cisco Systems to “Buy” (CSCO)

Cisco Systems (NASDAQ:CSCO) was upgraded by research analysts at Sterne Agee to a “buy” rating in a report released on Thursday, American Banking News reports. The firm currently has a $28.00 target price on the stock, up from their previous target price of $26.00. Sterne Agee’s price target suggests a potential upside of 14.36% from the company’s current price.

The analysts wrote, “A challenging quarter as APJC product orders (down 3%) and other Emerging Markets saw inconsistent results despite broad U.S. strength (up 5%). That said, guidance and the outlook were mostly unchanged and we continue to view Cisco as a share gainer (servers) and targeted acquirer of key assets (Sourcefire), all of which should re-accelerate momentum once these regions recover. Higher net cash leads to a new price target of $28 ($26).”

Other equities research analysts have also recently issued reports about the stock. Analysts at Deutsche Bank reiterated a “buy” rating on shares of Cisco Systems in a research note to investors on Thursday. Separately, analysts at William Blair reiterated an “outperform” rating on shares of Cisco Systems in a research note to investors on Thursday. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Cisco Systems in a research note to investors on Thursday. They now have a $22.00 price target on the stock.

One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. Cisco Systems presently has a consensus rating of “Buy” and a consensus price target of $26.33.

Cisco Systems (NASDAQ:CSCO) traded down 7.17% on Thursday, hitting $24.485. 130,107,712 shares of the company’s stock traded hands. Cisco Systems has a 1-year low of $16.68 and a 1-year high of $26.49. The stock’s 50-day moving average is $25.50 and its 200-day moving average is $22.81. The company has a market cap of $130.9 billion and a P/E ratio of 14.65. Cisco Systems also was the target of unusually large options trading on Monday. Traders purchased 38,649 put options on the company. This is an increase of approximately 152% compared to the typical daily volume of 15,328 put options.

Cisco Systems (NASDAQ:CSCO) last released its earnings data on Wednesday, August 14th. The company reported $0.52 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.51 by $0.01. The company had revenue of $12.40 billion for the quarter, compared to the consensus estimate of $12.40 billion. During the same quarter in the previous year, the company posted $0.47 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. On average, analysts predict that Cisco Systems will post $2.12 earnings per share for the current fiscal year.

Cisco Systems, Inc designs, manufactures, and sells Internet protocol (NASDAQ:CSCO)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use.

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