This Analyst Sees 44% Upside In Cisco's Stock, Here's A Look At Recent Price Target Cuts By The Most Accurate Analysts

Cisco Systems Inc CSCO reported better-than-expected financial results.

Cisco said fiscal first-quarter revenue jumped 6% year-over-year to $13.6 billion. The company's top-line results beat average analyst estimates of $13.31 billion. Cisco reported first-quarter earnings of 86 cents per share, which beat average estimates of 84 cents per share.

Cisco sees full-year 2023 revenue growth growth between 4.5% and 6.5%. The company anticipates full-year earnings between $3.51 and $3.58 per share versus estimates of $3.53 per share.

Cisco shares gained 5% to close at $46.59 on Thursday.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the retailer in the recent period.

• Cowen & Co. analyst Paul Silverstein maintained an Outperform rating on November 17, 2022, and raised the price target from $60 to $61. This analyst, although, sees around 31% upside in the company’s stock but has an accuracy rate of just 37%.
• Credit Suisse’s analyst Sami Badri reiterated an Outperform rating on the stock on November 17, 2022, and raised the price target from $65 to $67. This analyst sees around 44% upside in the company’s stock and has an accuracy rate of 67%.
• Barclays analyst Tim Long downgraded the company’s stock from Overweight to Equal-Weight on September 22, 2022, and cut the price target from $56 to $46. Long sees around 1% downside in the company’s stock and has an accuracy rate of 63%.
• Deutsche Bank’s analyst Matthew Niknam maintained a Hold rating on the stock on August 19, 2022, and boosted the price target from $51 to $54. Niknam sees around 16% upside in the company’s stock and has an accuracy rate of 56%.