Networking equipment maker Cisco Systems, Inc. (CSCO) on Friday received some bullish commentary from analysts at Morgan Stanley.
The firm lifted its earnings estimates for CSCO through 2014, noting that recent channel checks indicate improving domestic demand. Morgan Stanley also reiterated its “Overweight” rating and $22 price target for Cisco, which suggests a 17% upside to the stock’s Thursday closing price of $18.80.
Cisco shares were mostly flat in premarket trading Friday.
The Bottom Line
Shares of Cisco Systems (CSCO) have a 2.98% dividend yield, based on last night’s closing stock price of $18.80. The stock has technical support in the $16-$17 price area. If the shares can firm up, we see overhead resistance around the $20-$21 price levels.
Cisco Systems, Inc. (CSCO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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