Technology infrastructure major Cisco Systems (NASDAQ:CSCO) is planning to slash 350 jobs in the California South Bay Area.
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This is the second round of layoffs for Cisco this year, and the move is part of its operational restructuring and streamlining efforts. The company delivered a robust fourth-quarter earnings beat last month and is anticipated to post an EPS of $1.03 in Q1. In comparison, it had posted an EPS of $0.86 on revenue of $13.63 billion in the year-ago period.
What is the Price Target for Cisco Stock?
Recently, Bank of America Securities analyst Tal Liani reiterated a Hold rating on the stock while increasing the price target to $60 from $56. Piper Sandler’s James Fish also has a Hold rating on Cisco with a $57 price target.
Overall, the Street has a consensus price target of $57.50 on Cisco, alongside a Hold consensus rating. The company’s shares have climbed nearly 29.5% over the past year.
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