Cisco resumed with an Overweight at Morgan Stanley

Morgan Stanley resumed coverage of Cisco with an Overweight rating and $58 price target. The stock is trading at over 7-times discount relative to the S&P but offers double digit shareholder return and story catalyst potential, the analyst tells investors in a research note. Morgan Stanley adds that while a catalyst for positive estimate revisions for Cisco is still likely 1-2 quarters out, the firm sees “too much value” in the stock to remain on the sidelines.