Cisco price target raised to $58 from $54 at Oppenheimer

Oppenheimer raised the firm’s price target on Cisco to $58 from $54 and keeps an Outperform rating on the shares. The firm notes Cisco reported a good Q3, beating estimates and guiding Q4/2025 modestly above the Street estimate, despite continued inventory digestion that will pressure Networking revenue though the first half of 2025. Still, growing orders demand for DC/Campus switching is an early indicator that a bottom is on the horizon. In addition, Cisco is in the early innings in addressing a large AI opportunity, seeing improving traction in Security, and can cross-sell Splunk, all of which offer revenue upside over next couple of years, Oppenheimer adds. Execution risk notwithstanding, results leave the firm positive on the long-term opportunity.