Cisco price target raised to $62 from $58 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Cisco (CSCO) to $62 from $58 and keeps an Overweight rating on the shares. Q1 exceeded expectations slightly, largely as Splunk outperformed expectations, the analyst tells investors. While calling out U.S. Federal as “an area to watch,” the firm adds that overall it “walked away from quarter encouraged” on the Overweight thesis.