Cisco price target raised to $57 from $52 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Cisco (CSCO) to $57 from $52 and keeps a Neutral rating on the shares. The firm notes shares are trading slightly lower as Cisco faced a high bar heading into the print that checks didn’t necessarily support. Lead metrics were generally mixed overall, especially ex-Splunk, with notably organic Security growth disappointing alongside U.S. Fed commentary. However, Piper says it was encouraging to hear of major hyperscaler wins and AI momentum, ARR strength, increased Splunk opportunity and synergies, GPM sustainability, and raised outlook.