Deutsche Bank analyst Matt Niknam upgraded Cisco (CSCO) to Buy from Hold with a price target of $73, up from $65. The firm sees improved visibility towards “durable” mid-single-digit growth in upcoming years for Cisco, with tailwinds from artificial intelligence, a Campus portfolio refresh, more favorable near-term competitive dynamics in Networking and improved scale in Security. Incremental growth in higher-margin revenues, alongside Cisco’s breadth of supply chain, enables it to more “deftly navigate” incremental tariffs and re-invest in growth, the analyst tells investors in a research note. Deutsche believes the company’s “significant” free cash flow FCF generation should support incremental cash returns to shareholders via buybacks and dividend growth.
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