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Evercore ISI analyst Amit Daryanani lowered the firm's price target on Cisco to $50 from $62 and keeps an Outperform rating on the shares after the company reported April quarter results below expectations and gave a July quarter outlook that was "well below" Street expectations. Cisco attributed much of its shortfall to supply chain issues versus being demand related, but the bigger concern among investors is the pace of order degradation, according to Daryanani. He thinks much of the issues are around bad supply chain execution that, while frustrating, should prove transitory. Some of the missteps could end-up driving a more positive growth narrative for FY23 as comparisons ease and the supply chain starts to improve, added the analyst.
Mimecast announced the completion of its acquisition by funds advised by Permira for approximately $5.8 billion or $80.00 per share in cash. With the completion of the transaction, Mimecast's stock ceased trading and the company is no longer listed on any public market.
Piper Sandler analyst James Fish lowered the firm's price target on Cisco Systems to $43 from $57 and keeps a Neutral rating on the shares. The shares are down following one of the largest revenue misses in Cisco's history and a related guide-down as supply chain constraints tightened in April with Asia COVID shutdowns, Fish tells investors in a research note. The company's lead metrics are slowing and its growth segments either decelerated or declined and are clearly underperforming market rate growth, says the analyst.