Cisco price target raised to $53 from $49 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Cisco to $53 from $49 and keeps a Neutral rating on the shares. The company reported an "upbeat quarter," caused primarily by easing supply chain constraints, the analyst tells investors in a research note. Cisco is seeing deal elongation but the supply chain inputs are going to lead to greater backlog flush in the second half of fiscal 2023, the analyst tells investors in a research note.