Cisco Systems (CSCO)

Outperform Recap: Q1 FY26

AI Orders, Campus Refresh, and a $1B Full-Year Raise Inflect the Story — Even With DRAM Pressure on Product Margins

Hold Recap: Q4 FY25

AI Orders Double the Target and Margins Hit a Record — But In-Line FY26 Guide Caps the Upside at the Highs

Outperform Recap: Q3 FY25

AI Infrastructure Orders Blow Past FY25 Target a Quarter Early, Sovereign Optionality Emerges, CFO Transition Manageable — Upgrading to Outperform, FV $70–82

Hold Recap: Q2 FY25

AI Infrastructure Orders Inflect, Splunk Synergies Tracking Ahead, Tariff Overhang Caps Near-Term Multiple — Initiating Coverage at Hold, FV $58–68