Shares of networking titan Cisco Systems (NASDAQ:CSCO) gained in after-hours trading after reporting commendable fourth-quarter results, surpassing analyst expectations with adjusted earnings per share of $1.14 on revenue of $15.2 billion. Furthermore, the adjusted gross margin for the quarter was 65.9%, slightly exceeding the anticipated 65.1%.
However, the forward-looking projections presented a more tempered view. For Fiscal Year 2024, Cisco anticipates a revenue range of $57 billion to $58.2 billion, which marginally lags behind the consensus estimate of $58.31B. Its full-year adjusted earnings forecast is slated between $4.01 and $4.08 per share, aligning closely with the consensus of $4.05 per share. For Q1 2024, sales estimates are between $14.5 billion and $14.7 billion, and adjusted earnings are projected at $1.02 to $1.04 per share.
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CSCO stock based on six Buys, 11 Holds, and one Sell assigned in the past three months, as indicated by the graphic above. Nevertheless, the average price target of $55.79 per share implies 5.34% upside potential.
