Deutsche ups Cisco target, names short-term buy idea

Deutsche Bank analyst Matthew Niknam raised the firm’s price target on Cisco to $52 from $51 and keeps a Hold rating on the shares. The analyst also named the stock a “Catalyst Call: Buy” as a short-term investment idea. Investor sentiment is weak and expectations are low post two negative resets, and the stock’s valuation is “depressed” at a 35% discount to the S&P 500, the analyst tells investors in a research note. The firm sees lower downside risk to core estimates following last quarter’s guidance cut. The Splunk deal “not a game changer,” but there is now an upside bias near-term with the stock setup and June investor day, contends Deutsche Bank.