Piper Sandler Reiterates Neutral Rating on Cisco (CSCO)

Piper Sandler analyst James Fish reiterated a Neutral rating and $52.00 price target on Cisco (NASDAQ: CSCO).

The analyst commented, "Management was clearly trying to message that the demand environment is returning back to normal, Cisco will continue to shift investments towards AI, Cloud, & Security that is resulting in a re-allocation of resources, the company is collapsing its product structure under Jeetu Patel as 'platformization' across categories is happening, and AI & datacenter modernizations are occurring. With this in mind, results exceeding expectations, and guide better than feared, this has sent shares ~5% higher. Debate will remain around if this is sustainable given the macro, cost savings potential to margins, Splunk's impact, and the organizational changes. We are reiterating our Neutral / $52 PT but are encouraged by the potential that the worst may be behind Cisco, datacenter modernizations are picking-up,\ margins may be sandbagged, and the platformization strategy is working."

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Shares of Cisco closed at $45.44 yesterday.

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