(CercleFinance.com) – Cisco Systems takes more than 4% at the start of the session on Wall Street, the day after the publication by the giant of network technologies of results better than expected for its last quarter of 2022-23, and accompanied by prospects solid.
The group unveiled a non-GAAP EPS up 37% to 1.14 dollars for a turnover up 16% to 15.2 billion dollars, thus exceeding consensus which was 1.06 dollars and 15.05 billion respectively, according to Jefferies.
Posting an adjusted EPS of 3.89 dollars and revenues of 57 billion dollars over the entire past financial year, Cisco indicated that it expects target ranges of 4.01-4.08 dollars and 57- 58.2 billion for its 2023-24 accounting year.
While acknowledging that the 2023-24 targets came in slightly below consensus, Jefferies nevertheless considers them to be ‘solid, especially given concerns that the group has significantly lowered its expectations’.
Deeming moreover “reasonable and incrementally positive” the remarks of the management on the macroeconomic environment, the broker reaffirms its recommendation “buy” on Cisco with a price target raised from 54 to 59.5 dollars.
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