Cisco price target raised to $73 from $70 at JPMorgan

JPMorgan analyst Samik Chatterjee raised the firm’s price target on Cisco (CSCO) to $73 from $70 and keeps an Overweight rating on the shares. The company reported results and guidance that will help to further moderate investor concerns around material changes in enterprise IT Infrastructure spending despite an uncertain macro environment, the analyst tells investors in a research note. The firm says Cisco “pleasantly surprised investors with a robust” $600M of artificial intelligence orders in fiscal Q3, which put it comfortably ahead of its $1B AI order target, with one quarter to go in the year.