Cisco Systems (CSCO) got a needed upgrade from Wall Street on Wednesday, which helped it gain 4.25%, its best showing in some time.
Citi upgraded Cisco stock to Buy on Wednesday. Analyst Atif Malik raised his price target from $52 to $62 on
stock by $10 to $62 and moved the company from a Neutral to Buy rating. While AI is currently a small piece of the biz , we see the potential for a stronger contribution, said Malik in his write-up for Citi clients. With more AI coming, we are incrementally more constructive on the group and expect continued investor rotation out of semis/hardware into networking equipment.
into a long-term downtrend. That downtrend may be coming to an end with this week's gains.
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