Cisco price target raised to $72 from $60 at BofA

BofA raised the firm’s price target on Cisco (CSCO) to $72 from $60 and keeps a Buy rating on the shares. Q1 revenue growth of negative 5.6% was slightly better than the Street’s call for a 6.1% decline and EPS beat consensus, the analyst noted. FY25 revenue guidance was raised by about $200M, mostly attributed to the beat, and the firm sees room for growth acceleration in the second half on the back of the strong Cloud/AI and Security order growth, adds the analyst, who fine-tuned the firm’s model to reflect the improved business trends.