Cisco price target raised to $53 from $51 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Cisco to $53 from $51 and keeps a Neutral rating on the shares following last night’s results. The backlog flush continues to push Cisco’s fundamentals, resulting in the typical upside and accelerating revenue growth again, the analyst tells investors in a research note. However, while product orders came in better than feared, they were still down 14% year-over-year, while lead metrics are showing signs of peaking, says the firm.