Cisco price target raised to $55 from $54 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Cisco to $55 from $54 and keeps a Neutral rating on the shares. The magnitude of the upside in fiscal Q2 and the 2023 outlook is raising questions around sustainability of Cisco’s growth, the analyst tells investors in a research note. The firm says expectations for peak revenue and earnings growth in fiscal 2023, with an unlikely repeat in 2024 , makes the case for a lower than historical average earnings multiple to be attributed to earnings expectations.