BMO Capital analyst Tim Long raised his price target on Cisco to $48 after its "solid" Q4 results and better Q1 guidance. The analyst notes that the company's Switching business was "particularly strong" amid the ramping sales of Catalyst 9K and a "healthy demand" for Nexus 9K in the data center, even though the routing business continued to struggle. Long adds that the "stagnant" component of recurring revenues was disappointing, keeping his Market Perofmr rating while stating that the evolution of the new recurring revenue-focused business model will take "many years".