MKM Partners Upgrades Cisco to “Buy”; Channel Checks Indicate Stabilizing Order Rates (CSCO)


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Networking equipment maker Cisco Systems, Inc. ( CSCO ) on Wednesday caught a big upgrade from analysts at MKM Partners.

The firm boosted its rating on CSCO from "Neutral" to "Buy" while lifting its price target from $20 to $24. That new target suggests a 27% upside to the stock's Tuesday closing price of $18.87.

An MKM analyst commented, "Our recent U.S. value added reseller ( VAR ) checks suggest the order rate likely stabilized in August and early September and has been slightly accelerating in late September with a similar trajectory heading into October."

Cisco shares were unchanged in premarket trading Wednesday.

The Bottom Line
Shares of Cisco Systems ( CSCO ) have a 2.97% dividend yield, based on last night's closing stock price of $18.87. The stock has technical support in the $16-$17 price area. If the shares can firm up, we see overhead resistance around the $20-$21 price levels.

Cisco Systems, Inc. ( CSCO ) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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