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Cisco's stock rises after Morgan Stanley turns bullish, citing durable earnings growth and valuation
From Seeking Alpha
With Cisco (NASDAQ:CSCO) shares multiple discount to the S&P 500 at a 10-year high, Morgan Stanley upgrades the company from Equal-Weight to Overweight.Analyst Meta Marshall sees tailwinds in the company's "durable" earnings growth, flexible cash flow, and "opex discipline."Marshall notes that the top-line will face risks from the current macro uncertainty, but the environment is also driving increased networking and security demand.Morgan Stanley raises Cisco's price target from $46 to $54.