Posted 4/9/2024, 10:23:41 PM
Cisco Shares Climb on Price Target Hike After Splunk Acquisition
- Cisco Systems' share price climbed nearly 4% on Tuesday due to an analyst's price target increase
- Deutsche Bank analyst Matthew Niknam raised his price target by $1 to $52 per share, maintaining a "hold" rating
- The upgrade follows Cisco's recent $28 billion acquisition of cybersecurity company Splunk
- Cisco has had an up-and-down year, falling short on guidance in its latest earnings report
- The Splunk acquisition should help Cisco strengthen its presence in the high-demand cybersecurity industry