Goldman Sachs Adds Cisco Systems to Its Conviction List

Investing.com - A dot com era dynamo is back in favor on Wall Street.Goldman Sachs (NYSE:GS) has added Cisco Systems (NASDAQ:CSCO) to the firm's conviction list, saying it expects the networking giant to "deliver significant shareholder returns" thanks to the recent cut in corporate taxes. The firm also raised its 12-month stock-price target from $51 to $54 a share, the highest among Wall Street firms. A half dozen other firms raised their stock-price targets a month ago when Cisco beat earnings expectations.Cisco has increased both its stock buyback plan and quarterly dividend since the tax cut became law late last year.Goldman also likes Cisco as a defensive play in an increasingly volatile market.The stock is now at a 17-year high. It's up 25% in the past 12-months and more than 10% in 2018.

(Source: Investing TV, March 27, 2018 at 12:03PM)

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