Cisco Systems got price target hikes from analysts, following the company’s earnings beat for the fiscal third quarter.
In the quarter ended April 25, the networking/technology company’s GAAP earnings per share came in at 79 cents, which exceeded analysts’ expectations of 71 cents a share. Revenue of $12 billion also was higher than analysts’ estimate of $11.88 billion.
Cisco also provided higher-than-expected guidance on its fourth quarter earnings per share.
Citi’s Jim Suva boosted his price target to $48 from $40, and affirmed his buy rating on Cisco shares, citing results and outlook that were “materially stronger than expected,” coupled with Cisco’s offered flexible payment terms during the coronavirus crisis – something that should generate more customer loyalty, according to Suva.
Jefferies analyst George Notter lifted his share-price target $49 from $45 and maintained his buy rating. Notter mentioned Cisco’s ability to hit top-line expectations, the company’s guide in-line for July, and post consistent product order growth rates.