Cisco Systems rose more than 1 percent to its highest level in nearly 17 years on Friday, after an analyst at Bank of America Merrill Lynch upgraded the stock.
Analyst Tal Liani upgraded shares of Cisco to buy from neutral and raised his price target to $46 from $37. The new target is 18 percent above Thursday’s closing price. The stock traded at $39.67 at 10 a.m. in New York.
“The company is in the early stages of a positive transition to software,” Liani said. “While the strategy shift is not new, we believe now is the right time given the added benefit of domestic capex tailwinds and tax reform.”
