Networking equipment maker Cisco Systems, Inc. (CSCO) on Tuesday caught some positive commentary from analysts at Morgan Stanley.
The firm maintained its “Overweight” rating on CSCO and lifted its price target to $23. That new target suggests a 15% upside to the stock’s Monday closing price of $19.99.
Morgan Stanley said it made the move because recent data points indicate the company is slowly improving its capital spending.
Cisco shares, which have risen 10% year-to-date, posted modest gains in premarket trading Tuesday.
The Bottom Line
Shares of Cisco Systems (CSCO) have a 1.60% dividend yield, based on last night’s closing stock price of $19.96. The stock has technical support in the $18 price area. If the shares can firm up, we see overhead resistance around the $21-$22 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.