Shares of Cisco Systems Inc. climbed 2.4% in afternoon trading, and have now advanced 6.4% amid a 3-day win streak, after BofA Securities analyst Tal Liani upgraded the networking company, citing subsiding headwinds and upcoming product cycles. Liani raised his rating to buy, after being at neutral the past five months, and boosted his stock price target to $55 from $48. "When we downgraded Cisco in January, we saw several headwinds that we expected to weigh on the stock for 1-3 quarters, including tough [comparisons] from ASC606 accounting changes, M&A, campus switching, secular pressure on routing and reduced share repurchase activity," Liani wrote in a note to clients. "In our view, 4Q20 will be the trough for numbers, and we expect both easier comps and cyclical recovery to result in improved growth rates that will support the stock." Cisco shares have slipped 3.2% year to date, while the SPDR Technology Select Sector ETF has rallied 11.9% and the Dow Jones Industrial Average has lost 7.7%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cisco takes a lesson from the coronavirus pandemic with new solutions for remote work and learningCisco's initiative represents a mature enterprise technology looking to capitalize on the current moment.
Read more »
It’s Time To Eviscerate The ‘But…Black On Black Crime’ Argument AgainI’ve said it before, and I’ll say it again: This idea of “Black-on-Black crime” isn’t real. So let’s just stop saying it.
Read more »
A burst of market volatility is just starting, National Securities' Art Hogan warnsNational Securities' Art Hogan sees the market rally taking a necessary breather due to overbought conditions.
Read more »
Plaschke: MLB owners bear brunt of blame for shameful state of negotiations with playersDespite the MLB players union agreeing it's time to play and commissioner Rob Manfred saying a season would occur '100 percent,' owners put up another roadblock, writes BillPlaschke.
Read more »
For Black Producers, Canceling ‘Cops’ Is an Empty GestureBlack entertainment professionals say it’s time to go beyond superficial measures; to make real change in Hollywood, they say, more representation in management and creative roles are needed
Read more »
Cisco takes a lesson from the coronavirus pandemic with new solutions for remote work and learningCisco's initiative represents a mature enterprise technology looking to capitalize on the current moment.
Read more »