Cisco price target raised to $55 from $52 at Deutsche Bank

Deutsche Bank analyst Matthew Niknam raised the firm’s price target on Cisco to $55 from $52 and keeps a Hold rating on the shares. The analyst increased estimates post Cisco’s fiscal Q2 results, which the firm says included financial metrics that were generally 1%-3% ahead of the Street, and most notably. The meaningful increase to fiscal 2023 guidance largely reflected greater backlog fulfillment in upcoming quarters, the analyst tells investors in a research note.