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Cisco: New Street Research upgrades to 'buy'

(CercleFinance.com) - New Street Research has upgraded its rating on the Cisco share to "buy", with a target price of 60 dollars, hailing the end to depressed IT spending.


In a note to clients, the independent research house said the network gear maker last night reported quarterly results that were down nearly 10% year-on-year, but guided five points above average seasonality for the current quarter.

"We have reasons to believe Cisco has seen the worst of it and is now well positioned to benefit from a favorable IT spending environment in 2021," it wrote in the report.

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