{"id":35001,"date":"2023-07-13T05:36:38","date_gmt":"2023-07-13T09:36:38","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/cisco-systems-downgraded-at-bank-of-america-as-consensus-seems-too-high\/"},"modified":"2023-07-13T05:36:40","modified_gmt":"2023-07-13T09:36:40","slug":"cisco-systems-downgraded-at-bank-of-america-as-consensus-seems-too-high","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35001","title":{"rendered":"Cisco Systems downgraded at Bank of America as ‘consensus seems too high’"},"content":{"rendered":"
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Cisco Systems (CSCO) downgraded at Bank of America as ‘consensus seems too high’<\/span>
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Bank of America analysts downgraded Cisco Systems (NASDAQ:) shares to Neutral from Buy with a price target of $56 per share.<\/p>\n

The analysts see a risk to 2H24\/FY25 product revenue estimates and argue that the consensus \u201cseems too high.\u201d<\/p>\n

\u201cStreet estimates are looking for a soft landing to Cisco\u2019s product revenue growth, expecting it to grow 3% YoY in FY24 and 2% in FY25, after growth of 13% in FY23e and 6% in FY22. However, these estimates lead to FY24\/FY25 product revenues that are much higher than historical levels,\u201d analysts said in a client note.<\/p>\n

As a result, the analysts slashed BofA\u2019s estimates to reflect concerns over the near-term trends. They also argue that Cisco\u2019s orders would need to jump for the company to meet Street\u2019s targets.<\/p>\n

\u201cWe model $5bn-$6bn of backlog drawdown in FY23, and an additional ~$4bn decline in 1H24, bringing the backlog to its normal historical levels of $4bn-$5bn by 2H24. This suggests that starting 2H24, annualized product revenue estimates are $3bn-$6bn higher than the historical levels despite limited backlog support,\u201d analysts added.<\/p>\n

Cisco shares fell 1.8% on the news.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Cisco Systems (CSCO) downgraded at Bank of America as ‘consensus seems too high’ Bank of America analysts downgraded Cisco Systems (NASDAQ:) shares to Neutral from Buy with a price target of $56 per share. The analysts see a risk to 2H24\/FY25 product revenue estimates and argue that the consensus \u201cseems too high.\u201d \u201cStreet estimates are […]<\/p>\n","protected":false},"author":1,"featured_media":35002,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-35001","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nCisco Systems downgraded at Bank of America as 'consensus seems too high' | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Cisco Systems (CSCO) downgraded at Bank of America as 'consensus seems too high' Bank of America analysts downgraded Cisco Systems (NASDAQ:) shares to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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