Cantor Lifts Price Target for Cisco Systems, Inc. on Back of Solid 3Q:FY15 Results
Cisco Systems, Inc. (NASDAQ:CSCO) price target has been raised by research analyst Brian White at Cantor. The new price target now stands at $36.00 (from $33.00), representing an upside of nearly 24% over the closing stock price. The analyst also maintained a Buy rating on the stock, after the company reported fiscal third-quarter results, with sales of $12.14 billion that beat White’s estimate of $12.09 billion, and pro forma EPS of $0.54 that was better than White’s $0.53 projection.
White wrote, “With another strong quarter of execution under Cisco’s belt, we are raising our estimates, increasing our price and reiterating our BUY rating on the stock. This was John Chambers’ last earnings call as Cisco’s CEO and we believe he is leaving the role with Cisco operating on all cylinders. Despite weakness in carrier spending and continued softness in emerging markets, Cisco delivered a solid 3Q:FY15 print and offered a healthy 4Q:FY15 outlook with strength highlighted in the enterprise, public and commercial markets. Given Cisco’s consistent execution in recent quarters and concerns around software-defined networking (SDN) starting to wane, combined with an attractive valuation and a dividend yield of 2.9% on the stock, we believe investors will continue to show interest in Cisco.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a total average return of 19.1% and a 74.7% success rate. White has a 13.0% average return when recommending CSCO, and is ranked #9 out of 3602 analysts.