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Local Tech Wire
RESEARCH TRIANGLE PARK, N.C. – Shares in networking giant (Nasdaq: CSCO) jumped toward a 52-week high Monday after a Wall Street analyst wrote that prospects are good for growth.
Jeff Kvaal at Barclays Capital boosted Cisco to “overweight” from “equal weight” and upped his share target $4 to $28.
Buyers reacted, driving Cisco shares up more than 5 percent to $23.87 in morning trading.
Cisco’s 52-week high is $24, reached last Sept. 26.
Cisco closed the day at $23.61, up 99 cents or 4.4 percent.
“We expect improving carrier demand, a better Europe, and continued US momentum to drive revenue upside,” Kvall wrote, according to Marketwatch.
His “checks” in the market segment led him to confirm “a pick-up in wireline carrier spending globally as carriers relieve corridors of congestion – and face pressure to reach year-end budget targets,” he added, according to Barron’s.
Cisco, which employs more than 4,000 people at its campus in RTP, traded as low as $13.61 in March.