Shares of Cisco (CSCO) were inching their way ahead this morning, on a bullish note from Raymond James ahead of the company�s upcoming analyst meeting, and is on track to be the month�s top performing Dow stock.
On this last trading day of November, Cisco is up nearly 11% for the month, well outpacing its second-closest rival, Bank of America (BAC).
Other big tech names weren�t so lucky: Intel (INTC) turned in the Dow�s worst November performance, down almost 10%; Hewlett-Packard (HPQ) was next on the list, down nearly 7%.
Raymond James�s Simon Leopold today reiterated his Outperform rating and $25 price target on Cisco, ahead of next� Friday�s analyst day. �We expect Cisco outlines its strategic vision to become a broader IT supplier with a greater software bias, which aids margin. We doubt the event represents a material catalyst, but should clarify Cisco’s vision. As a tech bellwether, Cisco’s commentary sets the table for the 2013 macro environment. We expect Cisco maintains its 5-7% long term growth target while offering cautious commentary on the near term.�
Analysts were also largely positive about Cisco�s purchase of Cariden, announced yesterday.
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