As previously reported, Melius Research analyst Ben Reitzes upgraded Cisco (CSCO) to Buy from Hold with a price target of $73, up from $66. In 2025, the firm believes there is upside to expectations for capex growth at hyperscalers and enterprise IT spending, but adds that it expects any surprises to be more back-half loaded and flow into 2026. 2025 marks “year 3” of the AI boom, and while there could be “more measured” euphoria, “we are still early,” the analyst tells investors in a 2025 outlook note for the software and technology group.
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