PREVIEW: Cisco stock near flat ahead of earnings
** Shares of Cisco Systems CSCO.O flat near recent highs on Wed ahead of qtrly results after the bell, with analysts expecting fourth straight qtr of declining rev as co wrestles with tepid demand for its networking gear
** In its prev report in August, CSCO pointed to rebounding demand and announced a 7% cut in its global headcount to focus on high-growth areas such as AI and cybersecurity
** In a client note this week, Evercore ISI analyst Amit Daryanani said he expects CSCO to "report upside in the quarter and potentially guide Jan-qtr ahead of street expectations." He said the co's cloud networking business is likely gaining traction
** Analysts on avg expect qtrly rev to fall 6.1% yr/yr to $13.77 bln, with adjusted EPS seen at $0.87 vs $1.11 last yr, per LSEG
** CSCO stock up ~16% YTD. Shares on Mon hit highest since January 2022
** Stock recently traded at 16x expected earnings, above its 5-yr avg forward PE of 14, per LSEG data
** 27 analysts cover CSCO, on avg rating it 'buy'. Its median PT is $57, which is 3% below its current price of $58.67
Reporting by Noel Randewich
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