Cisco dips after annual revenue forecast broadly in line with estimates
** Cisco Systems' CSCO.O shares down 4.8% at $56.45 premarket
** Co on Wednesday forecast annual revenue of $55.3 bln to $56.3 bln vs prior view of $55.0 bln to $56.2 bln
** New FY forecast broadly in line with analysts' estimate of $55.89 bln - LSEG data
** Co expects Q2 revenue and profit above estimates after posting upbeat Q1 results on improving demand for its networking gear
** Raised annual adj. profit forecast to $3.60 to $3.66 from $3.52 to $3.58
** Expects Q2 revenue of $13.75 bln to $13.95 bln, above est. of $13.73 bln
** Sees Q2 adj. EPS of 89 cents to 91 cents vs est. of 87 cents
** At least 5 brokerages raise PT on stock
** Jefferies raises PT to $66 from $53, says co poised to put up modestly higher top line growth rates with addition of Splunk and new AI-based revenue opportunities
** Piper Sandler raises PT to $57 from $52
** As of last close, stock up 17.1% YTD
Reporting by Sukriti Gupta in Bengaluru
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