Stock jumps from Barclays outlook
Cisco’s stock jumped as much as 5% Monday after a bullish report on its first quarter prospects. Investment firm Barclays upgraded Cisco stock and raised estimates for the quarter due in part to improved demand among carriers.
Cisco’s stock ended Monday up 4.38%.
In its report, Barclays analyst Jeff Kvaal said this, according to a report in the San Francisco Examiner:
“We expect improving carrier demand, a better Europe, and continued U.S. momentum to drive revenue upside.”
Kvaal raised his revenue estimates to $8.79 billion from $8.74 billion. The rest of the Street expects sales to come in at $8.71 billion. Cisco’s own revenue guidance is for $8.6 billion to $8.76 billion.
Kvaal also hiked his earnings per share estimate to 32 cents per share from 30 cents, which is also the consensus estimate from other analysts.
Cisco reports first quarter results Nov. 4. Cisco stock was back down about 1.5% mid-day Tuesday…
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