Topic: How To Invest

Wall Street Stock Forecaster Hotline – Friday, February 17, 2023

Article Excerpt

CISCO SYSTEMS INC., $50.77, Nasdaq symbol CSCO, remains a buy for long-term gains. Through the stock, investors tap a global producer of hardware and software that links and manages computer networks. Cisco reported stronger-than-expected earnings and revenue for its latest quarter and increased its forecast for the current fiscal year. That’s mainly because the easing of supply chain disruptions is letting the company accelerate deliveries. In the fiscal 2023 second quarter, ended January 28, 2023, revenue rose 6.9%, to $13.59 billion from $12.72 billion a year earlier. That beat the consensus forecast of $13.40 billion. Earnings in the quarter, excluding unusual items, also gained 4.8%, to $0.88 a share from $0.84. That topped the consensus estimate of $0.86 a share. Cisco also continues to benefit from rising demand for its software and data security services, which now supply about 25% of its revenue. Annualized recurring revenue is now $23.3 billion, up 6% in the past year. The company should continue to benefit as more businesses shift…