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CSCO

Cisco

$42.66

0.46 (1.09%)

, AMZN

Amazon.com

$1,834.10

-8.26 (-0.45%)

10:36
07/19/18
07/19
10:36
07/19/18
10:36

Cisco rises as Amazon denies plans to build rival hardware

Shares of Cisco (CSCO) are on the rise after Amazon (AMZN) said it is not planning to start selling network switches to other businesses. Piper Jaffray analyst James Fish sees the confirmation by the e-commerce giant as removing the potential shadow of Amazon on the networking space, with Cisco's main challenge remaining around Arista Networks (ANET) taking market share and shifting its business model toward software. AMAZON NOT AIMING TO SELL NETWORK SWITCH: Amazon has officially denied that AWS plans to start selling network switches to other businesses, according to MarketWatch. "Cisco and AWS have a longstanding customer and partner relationship, and during a recent call between Cisco CEO Chuck Robbins and AWS CEO Andy Jassy, Andy confirmed that AWS is not actively building a commercial network switch," a Cisco Systems spokesman had told the publication, a statement later confirmed by an AWS spokeswoman. Last week, The Information's Wayne Ma and Kevin McLaughlin had reported that the e-commerce giant's cloud unit was considering selling its own networking switches for business customers. The report, which cited a person with direct knowledge of the unit's plans and another person who has been briefed on the project, said AWS' plans could pose "a direct challenge to incumbents in the business-like Cisco." PIPER SAYS FEARS 'OVERBLOWN AS SUSPECTED': In a research note to investors following Amazon and Cisco's confirmation that the former is not entering the network switching market as previously speculated, Piper Jaffray's Fish argued that the new information removes the potential "shadow of Amazon on the space," making second quarter earnings more about the fundamentals than competitive hype. The analyst noted that he continues to recommend Cisco and Arista as his top networking picks as he had suspected the fears were "overblown" around Amazon. Additionally, Fish pointed out that whitebox switching has consistently represented less than 3% of the overall switching market and has not had as large of an impact as many suspected. Overall, with the removal of the Amazon threat for now, Cisco's main challenge remains around Arista Networks taking market share and shifting its business model towards software, he contended. WHAT'S NOTABLE: Commenting on the first media report pointing to a potential Amazon entry into the network switch space, JPMorgan analyst Samik Chatterjee previously argued that Arista, Cisco and Juniper Networks' (JNPR) underperformance was "largely led by panic," as the overall financial implication of AWS' supposed entry into the networking equipment market on branded switch manufacturers would be limited. The piece of data center capital spending from large enterprise customers that AWS was thought to potentially target is only a $2.5B opportunity relative to the $12B data center switching and $16B campus switching market, Chatterjee said. PRICE ACTION: In morning trading, shares of Cisco have gained about 1% to $42.57, while Arista's stock has gained over 2% to $280.29. Shares of Juniper are fractionally down to $28.11.

CSCO

Cisco

$42.66

0.46 (1.09%)

AMZN

Amazon.com

$1,834.10

-8.26 (-0.45%)

ANET

Arista Networks

$280.39

5.61 (2.04%)

JNPR

Juniper

$28.18

-0.085 (-0.30%)

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CSCO Cisco
$42.66

0.46 (1.09%)

07/13/18
RBCM
07/13/18
NO CHANGE
RBCM
RBC says Amazon entry would be 'notable negative' for Cisco, networking peers
After The Information reported that Amazon's (AMZN) AWS unit is now targeting the data center switching market, RBC Capital analyst Mitch Steves said that, if true, this would be a notable negative for those in the networking equipment space, including Cisco (CSCO), Arista Networks (ANET) and Juniper Networks (JNPR). While others have created their own white-box hardware, none have created a commercial product so far and AWS would be the first major commercial provider of white-box switches, said Steves, who also said "it is important to note" that current sales and revenue trends will likely be safe since the report said a launch could potentially occur in 18 months. He also thinks Cisco and Arista in particular have "solid" software products that would help them compete against a new entrant such as AWS.
07/16/18
JPMS
07/16/18
NO CHANGE
JPMS
JPMorgan sees low Amazon threat for Cisco, Arista, Juniper
Networking equipment stocks including Arista Networks (ANET), Cisco Systems (CSCO) and Juniper Networks (JNPR) traded lower Friday after The Information reported that Amazon Web Services (AMZN) is considering selling its own networking switches for business customers, JPMorgan analyst Samik Chatterjee tells investors in a research note. The report also mentions that Amazon plans to launch commercial products for external customers within the next 18 months and would look to undercut competitors on price by working with white box manufacturers, the analyst adds. He believes the investor reaction to the report was "largely led by panic relative to Amazon's entry into any new market segment," while the overall financial implication of AWS' entry into the networking equipment market on branded switch manufacturers is limited. AWS' switching product will target data center capital spending from large enterprise customers, which is only a $2.5B opportunity relative to the $12B data center switching and $16B campus switching market, Chatterjee contends. As such, the analyst believes the Amazon threat is "relatively low" for Cisco, Arista, and Juniper.
07/16/18
07/16/18
NO CHANGE

Fly Intel: Today's top analyst calls on Wall Street
Check out today's top analyst calls from around Wall Street, compiled by The Fly. NETFLIX CUT TO UNDERPERFORM AT BUCKINGHAM: Buckingham analyst Matthew Harrigan downgraded Netflix (NFLX) to Underperform from Neutral ahead of the company's earnings report, as he estimates that the stock's current price implies "optimistic" views of the company reaching 360M global members in 2025 and 505M by 2033 along with a long-term operating profit margin near 35%. UBS NOW FAVORS UPS OVER FEDEX: UBS analyst Thomas Wadewitz upgraded UPS (UPS) to Buy from Neutral and raised his price target for the shares to $125 from $121. The combination of cost and productivity improvements, coupled with a "constructive" revenue backdrop, provide potential for improved Domestic Package margin performance and stronger operating income growth in 2019 for UPS, Wadewitz told investors. The analyst believes the company has "multiple cost side drivers" and that the new Teamsters agreement may also facilitate growth. Wadewitz this morning also downgraded FedEx (FDX) to Neutral from Buy and lowered his price target for the shares to $256 from $283. With a large global Express business representing 55% of revenue and about 13% of revenue linked to Asia, FedEx is exposed to risk from tariffs and potentially slower trade activity, Wadewitz told investors. The analyst sees limited visibility to near term margin expansion as the company is still ramping up integration with TNT in Europe. In midday trading, UPS is up just over 1%, while FedEx is down 1.5%. BMO CUTS HASBRO TO UNDERPERFORM: BMO Capital analyst Gerrick Johnson downgraded Hasbro to Underperform from Market Perform and lowered his price target to $75 from $80. The analyst noted that the liquidation of Toys R US may be "more impactful than investors realize" after the initial 9% rally in the stock price on "relief that things were not worse", even as retailers are becoming more selective in the "pantry loading" inventory restocking process. JPMORGAN SEES LOW THREAT FROM AMAZON TO NETWORK EQUIPMENT STOCKS: JPMorgan analyst Samik Chatterjee told investors in a research note that he believes the threat of Amazon (AMZN) entering into the networking equipment market is "relatively low" for networking equipment stocks including Arista Networks (ANET), Cisco Systems (CSCO), and Juniper Networks (JNPR), contending that AWS' switching product will target data center capital spending from large enterprise customers, which is only a $2.5B opportunity relative to the $12B data center switching and $16B campus switching market.
07/19/18
PIPR
07/19/18
NO CHANGE
PIPR
Amazon switching fears 'overblown as suspected,' says Piper Jaffray
After yesterday's market close, it was reported and confirmed by Amazon (AMZN) and Cisco Systems (CSCO) that Amazon is not entering the network switching market as speculated on July 13, Piper Jaffray analyst James Fish tells investors in a research note titled "Fake News! Amazon Switching Fears Were Overblown As Suspected." The confirmation by Amazon removes the potential shadow of Amazon on the space, making Q3 earnings more about the fundamentals than "competitive hype," Fish writes. He notes that shares of Cisco, Arista Networks (ANET) and Juniper Networks (JNPR) are higher following the news. The analyst continues to recommend Cisco and Arista as his top networking picks.
AMZN Amazon.com
$1,834.10

-8.26 (-0.45%)

07/18/18
JPMS
07/18/18
NO CHANGE
Target $185
JPMS
Neutral
Intuit transition to AWS accelerating, says JPMorgan
JPMorgan analyst Sterling Auty says that with this morning's sale of its largest data center, Intuit is signaling a faster transition to the public cloud than previously discussed. TurboTax online users were entirely on Amazon Web Services (AMZN) by the end of the tax season, and now this transition "opens the door" to move all Quickbooks Online customers to the public cloud as well, Auty tells investors in a research note. He keeps a Neutral rating on Intuit shares with a $185 price target.
07/19/18
RHCO
07/19/18
UPGRADE
Target $27
RHCO
Buy
Lionsgate upgraded to Buy at SunTrust on stronger Starz slate
As reported earlier, SunTrust analyst Matthew Thornton upgraded Lionsgate (LGF.B) to Buy from Hold, citing expectations of a stronger content slate at Starz driving the higher subscriber count while also increasing its distribution, with the addition of Amazon (AMZN) UK/Germany, YouTube (GOOGL) TV USA, Hulu TV USA, and Bell Canada. The analyst also anticipates higher subs count amid abating Starz MVPD headwinds from international expansion and secular growth in OTT. Thornton lowers his price target to $27 from $31, but notes that his target multiple assumption and OIBDA forecast for FY19 and FY20 are largely unchanged.
07/19/18
JPMS
07/19/18
NO CHANGE
Target $1900
JPMS
Overweight
JPMorgan continues to like Amazon shares into Q2 results
JPMorgan analyst Doug Anmuth continues to like shares of Amazon.com (AMZN) into the company's Q2 results on July 26. Amazon remains one of the analyst's top picks, along with Facebook (FB) and Twitter (TWTR), and is on his firm's Analyst Focus List. Anmuth says that even with Amazon shares at all-time highs, he likes the stock into earnings as company fundamentals and industry trends "remain strong." He believes there is upside potential to consensus Q2 and Q3 revenue estimates, while profit expectations "remain in check" with less downside risk to numbers than in prior quarters. Anmuth has an Overweight rating on Amazon with a $1,900 price target.
ANET Arista Networks
$280.39

5.61 (2.04%)

JNPR Juniper
$28.18

-0.085 (-0.30%)

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Avianca

$3.96

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VIX

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