Cisco price target raised to $120 from $96 at JPMorgan

JPMorgan raised the firm’s price target on Cisco (CSCO) to $120 from $96 and keeps an Overweight rating on the shares following the fiscal Q3 report. The company’s better revenue drivers, balanced by a more conservative gross margin outlook, still implies a raise to JPMorgan’s fiscal 2027 and 2028 estimates, the analyst tells investors in a research note. The firm says the acceleration in Cisco’ enterprise and cloud revenue order trends indicate “robust upsides to the preliminary revenue expectations.”