- Gender identity dispute surrounding boxers Lin Yu-ting and Imane Khelif condemned by IOC president
- Elliott readies Southwest proxy fight, will nominate 10 directors
- Iconic Tupperware flags doubts about ability to continue
- Dow drops nearly 200 points, S&P 500 heads for worst week in 3 months: Live updates
- Trump says ‘I love Truth Social’ one day after DWAC stock plunges on social media merger vote
- RFK Jr. off North Carolina presidential ballot, state Supreme Court rules
Don’t overlook the artificial intelligence potential of Cisco Systems , Citi said. Analyst Atif Malik upgraded shares of the networking company to buy from neutral, citing a shrinking valuation gap relative to peers and a growing AI ethernet total addressable market poised to hit $10 billion by 2025. “While AI is currently a small piece of the biz (~2% of revs), we see the potential for a stronger contribution,” he wrote. “With more AI coming, we are incrementally more constructive on the group and expect continued investor rotation out of semis/hardware into networking equipment to benefit group valuation.” Shares added 1.7% before the bell and looked poised to build on their 7% year-to-date gain. Malik lifted the firm’s price target to $62 from $52 a share, reflecting about 15% upside from Tuesday’s close. The analyst views the addition of the company’s products in Meta Platforms’ AI hardware as a potential boon and “positive validation of CSCO’s technology.” At least three major hyperscalers have already begun using the company’s tools in backend networks, and Malik views Cisco’s recent $9 billion 2027 hyperscaler AI opportunity forecast as potentially understated. CSCO YTD mountain Shares this year Malik also raised his EPS estimates for 2025 and 2026 by by 2% and 5%, respectively. “We believe shares warrant a sizable discount to networking peer valuation to reflect lingering share loss concerns, somewhat tempered by growing AI opportunities,” he wrote. “Even at a 30+% discounted target multiple to peer average, we see meaningful upside to shares.”
- Taiwan on alert over ‘waves’ of missile tests in north China
- Buffer ETFs can shield investors from some losses. Here’s what to know before investing
- House China committee demands Elon Musk open SpaceX Starshield internet to U.S. troops in Taiwan
- Key Fed inflation measure rose 0.4% in January as expected, up 2.8% from a year ago
- Inflation undershoots to jumbo cuts: What 10 European Central Bank members said this week
- Stocks are little changed as Wall Street tries to rebound from last week’s pullback: Live updates