Cisco (CSCO) PT Raised to $48 at BMO Capital

BMO Capital analyst Tim Long raised the price target on Cisco (NASDAQ: CSCO) to $48.00 (from $43.00) while maintaining a Market Perform rating following solid July quarter and better F1Q19 guidance.

"Switching was particularly strong with ramping Catalyst 9K sales, and healthy demand for Nexus 9K in the data center," Long commented. "Routing is still struggling, while Security and Applications grew double digits to reach 15% of revenues combined. Gross margins did miss, and we were disappointed by a stagnant percentage of recurring revenues. The buyback remains very strong at $6 billion in each of the last two quarters."

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