Cisco price target raised to $66 from $53 at Jefferies

Jefferies analyst George Notter raised the firm’s price target on Cisco (CSCO) to $66 from $53 and keeps a Buy rating on the shares after the company reported “solid results and guidance,” boosted by depleted customer inventory and positive AI commentary. Splunk was better than we expected, orders trends were strong and margins are “looking good too as the company continues to manage costs tightly,” says the firm, which adds that it still thinks “the risk/reward in the shares is tilted positively.”