Pacific Crest Confident on Cisco’s Future and 2 More Heavily Traded Stocks to Follow
Cisco Systems Inc. (NASDAQ:CSCO): Current price $23.25
Analysts Brent Bracelin and Josh Beck at Pacific Crest have met with Cisco Data Center Director Brian Schwarz, and wrote in a note on Friday that they now are more confident that the firm can both sustain share gains in the $50 billion server market, and also become a preferred platform to host network function virtualization software at large operators. Bracelin and Beck advise investors to use the recent weakness in Cisco to pick up more shares prior to its analyst day in December and Insieme launch in November. Besides that, they reiterated their Outperform and $30 price target.
Sirius XM Radio Inc. (NASDAQ:SIRI): Current price $3.90
Moody’s Investors Service reports that Sirius XM Radio announced its board’s approval of an additional $2-billion common stock buyback program. The firm is expected to pay for the repurchases through cash on hand, future cash flow, plus additional borrowings. Moody’s said that there is no immediate impact on credit ratings, given management’s confirmation of its 3.5x reported leverage target and its track record for maintaining leverage within its target range.
Alcoa Inc. (NYSE:AA): Current price $8.29
The number-one home automation services firm in North America, Vivint, announces the naming of the former Alcoa executive Mark Davies as its new chief financial officer. Through this role, Davies will lead Vivint’s financial teams, streamline processes, and use his extensive experience with financial strategy to design business plans for Vivint’s funding sources, investments, and financial transactions. Prior to joining Vivint, Davies worked at Alcoa as the executive vice president and president of global business services, the chief procurement officer, and as a member of executive council.