Cisco Systems (CSCO): Shares Below $20 as Investors and Analysts Digest Earnings
Shares of Cisco Systems (NASDAQ:CSCO) are trading below $20 per share, down over 2%, after releasing their latest quarterly earnings report yesterday evening. Here are some news bites to review from company executives and analysts covering the company:
A Cisco (NASDAQ:CSCO) executive said, “We are executing well on our three-year plan to drive earnings faster than revenue. Our operational focus continues to yield positive results — we hit our billion dollar expense reduction a quarter early — and our ongoing innovation enables our customers to solve their critical business needs.”
Cisco (NASDAQ:CSCO) said inventory turns on a GAAP basis were 11.1 in Q2, compared with 11.2 in Q1, and compared with 10.6 in Q2 of FY11. Non-GAAP inventory turns were 10.8 in Q2, compared with 10.9 in Q1, and compared with 10.0 in Q2 of FY11. Cash and cash equivalents and investments were $46.7B at the end of Q2.
Deutsche Bank believes Cisco (NASDAQ:CSCO) reported solid Q2 results and decent guidance. The firm is pleased with the company’s continued order momentum and sales execution and upped its price target while maintaining a Buy rating.
Oppenheimer increased its target on Cisco (NASDAQ:CSCO) after the company reported stronger than expected results for its January quarter. The firm expects margin pressures to mitigate in 2H12 and it maintains an Outperform rating.
FBN Securities raised its price target for Cisco (NASDAQ:CSCO) shares citing the company’s strong quarter and retains an Outperform rating on the stock. The firm believes Cisco is outperforming Juniper (NYSE:JNPR) with service providers.
ISI Group downgraded Cisco (NASDAQ:CSCO) and recommends taking profits in shares.
Take a closer look at the company’s earnings release here>>
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