Jefferies has put a “Hold” rating on Cisco (NasdaqGS: CSCO), according to StreetInsider.
“We believe it’s too early for investors to commit to the stock as we’re still in the very early innings of a potential turnaround,” the firm explained. “While the organization has a tremendous franchise and the stock looks cheap, it’s very early days in the company’s restructuring efforts. Cisco hasn’t yet addressed a myriad of issues in the business. Also, we expect that there’s significant inertia – these types of turnarounds can take a very long time.
CISCO was down 1.48%.
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Max Chen contributed to this article.