Cisco price target raised to $66 from $65 at Loop Capital

Loop Capital analyst Fahad Najam raised the firm’s price target on Cisco to $66 from $65 and keeps a Buy rating on the shares. The company produced a "solid" Q2 earnings beat with "decade-high" revenue growth outlook that is being driven by backlog and demand that is clearly exceeding expectations, the analyst tells investors in a research note. The firm added that networking is becoming "too critical", and it sees "compelling" risk-reward in the name.