As previously reported, Melius Research downgraded Cisco to Hold from Buy with a price target of $55, down from $60. The firm believes Generative AI is poised to deliver its “Halo Effect” on IT spending, starting in 2024, and also believes that outperformers from 2023 can continue. However, Cisco “seems like it is still finding its way in terms of AI customers” and managing the predictability of its own business as customers digest purchases, the analyst tells investors.
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