As previously reported, BofA analyst Tal Liani downgraded Cisco to Neutral from Buy with an unchanged price target of $56. Street estimates are pointing to a “soft landing” for Cisco’s product revenue growth, but this leads to FY24 and FY25 product revenue growth forecasts that are “much higher than historical levels” and the firm sees “risk of disappointment,” the analyst tells investors. The firm has reduced its own estimates to reflect concerns over near-term trends and risks to FY24 and FY25 product revenue on normalized backlogs.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on CSCO:
- DA Davidson cybersecurity analyst to hold an analyst/industry conference call
- Needham security/networking analysts hold analyst/industry conference call
- Cisco Systems Stock (NASDAQ:CSCO): Still Attractive Despite Recent Rally
- Cisco initiated with a Neutral at Citi
- AI: Investment Value at Every Link of the Value Chain