Cisco Systems (NASDAQ:CSCO) was upgraded by research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Friday, TheFlyOnTheWall.com reports. The firm currently has a $26.00 price objective on the stock, up from their previous price objective of $18.00. JPMorgan Chase & Co.’s target price suggests a potential downside of 1.43% from the company’s current price.
The analysts wrote, “Cisco reported in line FQ4 results but then proceeded to perplex us by indicating solid underlying trends, guiding a touch weak and announcing a 4,000 person restructuring. On closer inspection we believe that the restructuring is a smart effort to redirect opex to growth opportunities. The guidance is more of an issue for us as we believe it reflects uncertainty in a mixed macro environment. We expect the shares to be down tomorrow but, given strong underlying trends, believe CSCO is likely to recover losses and trade better in late 2013 as enterprise and carrier spending trend upward. Reiterate Neutral.”
A number of other analysts have also recently weighed in on CSCO. Analysts at UBS AG raised their price target on shares of Cisco Systems from $26.00 to $28.50 in a research note to investors on Thursday, August 8th. They now have a “buy” rating on the stock. Separately, analysts at MKM Partners raised their price target on shares of Cisco Systems from $28.00 to $30.00 in a research note to investors on Wednesday, August 7th. They now have a “buy” rating on the stock. Finally, analysts at Barclays Capital raised their price target on shares of Cisco Systems from $28.00 to $31.00 in a research note to investors on Wednesday, August 7th.
One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, twenty-eight have given a buy rating and one has given a strong buy rating to the company. Cisco Systems currently has a consensus rating of “Buy” and a consensus price target of $26.30.
Cisco Systems (NASDAQ:CSCO) traded down 6.74% on Friday, hitting $24.60. 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 currently $25.5. The company has a market cap of $131.5 billion and a price-to-earnings ratio of 14.65. Cisco Systems also was the target of some unusual options trading on Monday. Traders acquired 38,649 put options on the company, American Banking and Market News reports.This represents an increase of 152% compared to the typical volume of 15,328 put options.
Cisco Systems (NASDAQ:CSCO) last announced its earnings results 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 $2.01 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.