Cisco price target raised to $70 from $64 at Piper Sandler

Piper Sandler raised the firm’s price target on Cisco (CSCO) to $70 from $64 and keeps a Neutral rating on the shares. The firm notes Q4 results were only roughly in line, and FY26 guide came in below what bulls were hoping to see that will raise questions around “peak growth x peak multiple” being already seen, with second half of 2026 guide implying less than 5%. However, the narrative here remains unscathed, as Cisco will see the about $1B AI orders in the second half of 2025 flow into FY26 revenue, further AI-infrastructure spend, campus refresh, datacenter refresh and modernization, growing Enterprise and Neoclouds traction, and Splunk cross-sell and cost-synergies. Piper says that FY26 guide looks about how it anticipated and realistic, particularly for an incoming CFO.