Why I'm long Cisco SystemsMichael Jarman
Cisco Systems has "good revenue growth and an attractive valuation", according to Michael Jarman from H20 Markets. Michael's focusing Thursday's trade on the IT networking giant. Cisco is due to publish its latest earnings report later in November and Michael's hoping for a twenty per cent rise in the value of its equity.
As a result, he is looking to trade long the company at $22.25, Wednesday's closing price which is also the yearly moving average, with a target at $26.62 and a stop of $21.10. He says the company's stock performance has long been "solid" which should hold it in good stead in both a declining or outperforming market. He's focusing on the street consensus target of $26.62 which would give something close to a 15% upside.
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