Cisco price target raised to $59.50 from $54 at Jefferies

Jefferies analyst George Notter raised the firm’s price target on Cisco to $59.50 from $54 and keeps a Buy rating on the shares. Cisco’s July quarter print and guidance looked solid, particularly amid fears that the company would meaningfully cut fiscal 2024 expectations, given the non-repeat of the significant backlog consumption that helped them in fiscal 2023, the analyst tells investors in a research note.