Cisco price target raised to $63 from $59 at Raymond James

Raymond James analyst Simon Leopold raised the firm’s price target on Cisco to $63 from $59 and keeps an Outperform rating on the shares. The firm was "pleasantly surprised" by the strong outlook for Q3 and FY23, the analyst tells investors in a research note. The overall tone was upbeat, demand is healthy, and cancellation rates remained low, the firm says.