Cisco Systems: Buy Rating Affirmed Amid Growth Catalysts and Attractive ValuationWe focus on four key areas/growth catalysts: 1) Campus switching refresh cycle, 2) share gains at Hyperscalers’ AI buildouts, 3) Security finally showing signs of improved growth, and 4) growth synergies from Splunk’s acquisition. The stock is trading at a relatively attractive 17x forward EV/FCF multiple, and we believe the renewed networking momentum and better security trends, could drive additional stock appreciation. PO, now based on ~19x CY27E EV/FCF vs. a 20x CY26E multiple prior, as we roll our multiple forward. Positives: a bold infrastructure cycle Cisco’s Networking segment remains the star of the show. It is the largest segment of Cisco, accounting for 70% of product revenues, and in the latest quarter, the segment grew 12% YoY and 8% sequentially, driven by Cloud and Enterprise infrastructure cycles.