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Cisco (CSCO) Stock Is Thursday’s ‘Chart of the Day’
Cisco (CSCO) stock has broken past difficult levels and into prices not seen in almost 10 years, according to TheStreet’s Chris Versace and Bob Lang.
By Kaya Yurieff
,
Bloomberg News
NEW YORK (TheStreet) -- Shares of Cisco Systems (CSCO) - Get Report are declining 0.56% to $30.46 in early-afternoon trading Thursday.
UBS said the stock has moved to a nine-year high and is on the verge of breaking out, which could attract momentum buyers, the Fly reports.
The firm believes strength in the stock market and Cisco's dividend yield could move shares higher.
UBS maintained its "buy" rating and $32 price target on the stock, the Fly noted.
The San Jose, CA-based company designs, manufactures and sells networking equipment.
(Cisco Systems is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with afree trial.)
TheStreet'sChris Versace and Bob Lang of Trifecta Stocks have identified Cisco as the "Chart of the Day." Here is what Versace and Lang had to say about the stock:
Recently, Cisco Systems broke past some very difficult levels and into prices not seen in nearly 10 years. The last time Cisco was over $30 was all the way back in 2007, before the financial crisis ensued!
We can see from this weekly chart, below, how the $29 level was a trouble spot in 2015, but these last few weeks have seen buyers coming in with some fervor. The overbought condition continues and the slope of the relative strength is steep and bullish -- levels not seen in well over a year.
Buyers are picking up the stock at each pullback, as we saw just after the Brexit vote (arrow in bottom pane).
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A- on the stock.
The company's strengths can be seen in multiple areas, such as its notable return on equity, expanding profit margins, solid stock price performance, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CSCO