Citi analyst Atif Malik initiated coverage of Cisco Systems with a Neutral rating and $54 price target. The analyst initiated coverage of the communication equipment sector, saying equipment orders have stabilized after a sharp 30% quarter-over-quarter drop in the March quarter. Longer-term, big data continues to drive the need for higher network capacity with 100G for enterprises, 400G for Cloud, and 800G and beyond for artificial intelligence, the analyst tells investors in a research note. The firm likes Cisco’s “growing software and defensive value appeal,” but says this is offset by its market share challenges in switch and security.
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