CSCO (Outperform) – We were Street high and we are modestly raising our numbers; PT to $59 from $58 and FY19 and FY20 PF EPS goes up by $0.05 to $3.15 for FY19 and by $0.10 to over $3.60 for FY20. We suspect that EPS will increase by at least 10₵ for FY19. The magnitude and breadth of CSCO’s strength supports our view that company-specific ops are improving as is execution and the 8% y/y revenue growth marks the 4th straight qtr of +5% rev growth. Margins remain resilient with little evidence of secular downward pressure—and we continue to see a positive longer-term upward bias.
Cowen_CSCO.pdf#
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