Cisco Systems (CSCO) Earnings Preview: Analyst Ratings and Price Targets
Get ready for Cisco Systems, Inc. (CSCO) earnings release! The tech giant is set to unveil its financial performance for the third quarter after the market closes on Wednesday, November 13th. Analysts are expecting a dip in earnings compared to the same period last year, with estimates settling at 87 cents per share, down from $1.11 per share. However, Cisco is on a roll when it comes to revenue, having surpassed analyst expectations for nine consecutive quarters. Based on data from Benzinga Pro, the company projects revenue of $13.77 billion for the recent quarter.
While the earnings picture might be mixed, the market seems optimistic about Cisco’s future. The company’s stock gained 0.1% to close at $58.71 on Tuesday. But what do the experts think? Let’s dive into the latest analyst ratings and price targets for CSCO to gauge the sentiment surrounding this tech giant.
Analyst Ratings and Price Targets
Here’s a breakdown of recent analyst actions on CSCO stock:
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JP Morgan:
Analyst Samik Chatterjee upgraded CSCO from Neutral to Overweight and raised the price target from $55 to $66 on November 11th. Chatterjee boasts an accuracy rate of 71% in his predictions.*
Citigroup:
Atif Malik, an analyst at Citigroup, also upgraded CSCO from Neutral to Buy and increased the price target from $52 to $62 on October 16th. Malik has a solid accuracy rate of 83% in his previous recommendations.*
Tigress Financial:
Analyst Ivan Feinseth maintained a Buy rating on CSCO but boosted the price target from $76 to $78 on October 14th. Feinseth has an accuracy rate of 77% in his predictions.*
Evercore ISI Group:
Analyst Amit Daryanani maintained an Outperform rating on CSCO and raised the price target from $55 to $60 on September 20th. Daryanani has an accuracy rate of 80%.*
New Street Research:
Pierre Ferragu, an analyst at New Street Research, upgraded CSCO from Neutral to Buy with a price target of $57 on August 15th. Ferragu has an accuracy rate of 78% in his previous calls.Investor Takeaway
The analysts’ upgrade spree and increased price targets signal a positive outlook for CSCO. These ratings highlight a growing belief in the company’s future prospects, especially given its consistent revenue outperformance. For investors considering a position in CSCO stock, it’s crucial to analyze the company’s earnings report alongside these analyst insights to make informed investment decisions. Remember to conduct your own thorough research and consult with a financial advisor before making any investment choices.
