Cisco price target raised to $55 from $52 at Morgan Stanley

Morgan Stanley analyst Meta Marshall raised the firm’s price target on Cisco to $55 from $52 and keeps an Equal Weight rating on the shares, noting that the company’s Q2 and supply chain commentary was better than feared. The focus will remain on backlog release and order filling in the near-term, but redesigns have helped with supply chain resolution faster than competitors and the company’s demand commentary was more positive than checks, added the analyst.