Wall Street is looking for a rebound week after key tech stocks such as Nvidia struggled.
JPMorgan has moved to a neutral rating on Cisco , from a not-rated designation, citing the tech company's muted outlook for the medium term. Analyst Samik Chatterjee said in a note Monday that Cisco's campus networking, a significant part of the company's product revenue, is still facing challenges in relation to the broader recovery. Its network switches and wireless local-area network, or WLAN, enjoyed a surge in demand during the Covid-19 pandemic, he pointed out.
'With a recently refreshed installed base, the Campus market is now in correction; while the pace of incremental headwinds are moderating following a few consecutive quarters of declines, at the same time we expect a sluggish recovery tracking below the long-term growth rate before we return to normal replacement cycles,' Chatterjee wrote. However, Splunk, which Cisco bought for $28 billion last year , is expected to bring incremental growth to Cisco's overall top line, he said.
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