Cisco orders soared after COVID, now dealing with fallout, Barron’s says

This past week, Cisco Systems stunned Wall Street with a terrible outlook tied directly to pandemic fallout, Eric J. Savitz writes in this week’s edition of Barron’s. The case for bottom-fishing here is that Cisco shares have become dirt cheap. The stock now trades at just 12 times expected fiscal 2024 earnings, and 3.5 times forward revenues. There’s a 3% yield, and Cisco has committed to buying back $1.25 billion of stock every quarter. But until Cisco offers more evidence about a rebound in orders, the stock is likely to struggle-no matter how cheap it may be, the author says.