Cisco Systems Inc. likely had a strong October quarter, according to Raymond James analyst Simon Leopold, but he’s still taking a more cautious view on the stock.
“We think the logic of a period of slowing after the supply chain recovery and backlog draw down is partially reflected in Cisco’s shares,” Leopold wrote. “However, we doubt many appreciate the prospect for Cisco to provide limited to no sales growth over two fiscal years.” He’s particularly focused on Cisco’s campus sales, which he thinks represent about a third of company sales. That market could decline at a mid-to-high single-digit rate, according to Leopold.
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