Evercore ISI downgraded Cisco (CSCO) to In Line from Outperform with an unchanged price target of $72 following a 46% move over the last twelve months that the firm sees being driven by a cyclical recovery in the company’s core enterprise networking business as well as “a more compelling narrative” around cloud and AI markets. While noting that other AI-levered names have seen more sizable multiple expansion, the firm thinks Cisco will “struggle to get credited as an AI winner” without disclosing AI revenue numbers, the analyst tells investors.
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