Cisco got rating upgrades from several analysts in recent times, as many companies are expected to ask employees to get back to offices after last year’s pandemic-related remote working directives.
Shares of the technology behemoth were boosted to outperform from peer perform at Wolfe Research, with the latter citing strong IT spending that's expected to be a tailwind to Cisco estimates through 2022. Wolfe raised its price target to $63 a share from $48.
Goldman Sachs also recently noted that employees' return to offices (following last year’s COVID-19 pandemic-induced remote working environment) would lead to better IT spending – something that should benefit Cisco amid a replacement cycle for older technology.
In early March, JPMorgan also boosted the outlook on the stock, citing a recovery in enterprise spending.