Oppenheimer Increases Cisco Systems Price Target to $27.00 (CSCO)
Investment analysts at Oppenheimer hoisted their price objective on shares of Cisco Systems (NASDAQ:CSCO) from $25.00 to $27.00 in a note issued to investors on Thursday, American Banking and Market News reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s price target would indicate a potential upside of 18.37% from the stock’s previous close.
Shares of Cisco Systems (NASDAQ:CSCO) opened at 22.8099 on Thursday. Cisco Systems has a one year low of $20.22 and a one year high of $26.49. The stock’s 50-day moving average is $22.92 and its 200-day moving average is $22.20. The company has a market cap of $117.5 billion and a price-to-earnings ratio of 15.03. Cisco Systems also was the recipient of a large decline in short interest in April. As of April 30th, there was short interest totalling 73,104,530 shares, a decline of 3.2% from the April 15th total of 75,490,266 shares. Based on an average daily volume of 31,120,368 shares, the short-interest ratio is presently 2.3 days. Approximately 1.4% of the company’s shares are short sold.
Cisco Systems (NASDAQ:CSCO) last posted its quarterly earnings results on Wednesday, May 14th. The company reported $0.51 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.03. The company had revenue of $11.50 billion for the quarter, compared to the consensus estimate of $11.38 billion. During the same quarter last year, the company posted $0.51 earnings per share. Cisco Systems’s revenue was down 5.5% compared to the same quarter last year. Analysts expect that Cisco Systems will post $1.99 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at FBR Capital Markets raised their price target on shares of Cisco Systems from $19.00 to $23.00 in a research note on Thursday. They now have a “market perform” rating on the stock. Separately, analysts at Jefferies Group raised their price target on shares of Cisco Systems from $22.00 to $24.00 in a research note on Thursday. They now have a “hold” rating on the stock. Finally, analysts at Nomura raised their price target on shares of Cisco Systems from $24.50 to $27.00 in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and twenty-one have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $24.72.
Cisco Systems, Inc (NASDAQ:CSCO) designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use.
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