Nomura Raises Price Target On Cisco Systems's Roadmap To the Mid-$30s

Nomura raised its price target on Cisco Systems, Inc. (NASDAQ: CSCO) Thursday from $29 to $32 and maintained a Buy rating following the company’s Q2 earnings release.

Analyst Stuart Jeffrey noted that the company’s shares trade at a 28 percent discount to the market, however, its “earnings momentum is positive.”
Jeffrey expected that during the next 12 months the “bear arguments” against the stock will begin to weaken and that investors will begin to appreciate the value and financial opportunity of “Cisco’s end-to-end solutions development” and its role in the growing Internet of Things (IoT).
The firm raised its FY 2015 EPS estimates from $2.17 to $2.18 and raised FY 2016 EPS estimates from $2.31 to $2.32.
Shares of Cisco Systems, Inc. surged following its Q4 report and closed at $29.46 on Thursday, up 9.39 percent.