Cisco Systems, Inc. (NASDAQ:CSCO) and Viacom are ready to shake up the video network-verse with an alliance to forge a new versatile video distribution network foundation to bolster Viacom’s distribution of its premier branded content across multiple linear, digital and mobile screens for viewers in the U.S., Canada, Mexico and the Caribbean.
Working together with Cisco, Viacom and its affiliates will be able to leverage the advanced feature set of the Cisco® D9800 Network Transport Receiver to realize greater efficiencies around content reception and distribution.
“Viacom continues to invest in the right technology to bring compelling programming to its affiliates and world-class entertainment experiences to its fans,” said David Kline, chief technology officer, Viacom. “Aligning with Ciscoaccelerates the company’s migration to a next gen video distribution network, strengthening our delivery of advanced viewing experiences and enabling affiliates to evolve their platform architecture.”
“Cisco is focused on helping our media customers accelerate the migration of legacy systems and services to the next-gen entertainment services people want,” said Conrad Clemson, senior vice president and general manager, Service Provider Platforms and Applications, Cisco. “Our work with Viacom continues our legacy of helping the world’s leading content providers incorporate the latest innovation in compression technologies and move closer to cloud-powered and all-IP video delivery.” (Original Source)
Shares of Cisco closed yesterday at $32.19, up $0.01 or 0.03%. CSCO has a 1-year high of $34.60 and a 1-year low of $29.12. The stock’s 50-day moving average is $31.63 and its 200-day moving average is $32.48.
On the ratings front, Cisco (NASDAQ: CSCO) has been the subject of a number of recent research reports. In a report issued on September 11, Robert W. Baird analyst Jayson Noland assigned a Buy rating on CSCO, with a price target of $38, which represents a potential upside of 18% from where the stock is currently trading. Separately, on September 6, RBC’s Mitch Steves reiterated a Buy rating on the stock and has a price target of $36.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jayson Noland and Mitch Steves have a yearly average return of 3.3% and 25.2% respectively. Noland has a success rate of 51% and is ranked #1655 out of 4642 analysts, while Steves has a success rate of 81% and is ranked #129.
Sentiment on the street is mostly bullish on CSCO stock. Out of 22 analysts who cover the stock, 16 suggest a Buy rating and 6 recommend to Hold the stock. The 12-month average price target assigned to the stock is $35.84, which implies an upside of 11% from current levels.