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Dow Now: Goldman Upgrades Cisco Ahead of Earnings


Goldman's price target on Cisco is now $24.

MINYANVILLE ORIGINAL The Dow Jones Industrial Average (^DJI) declined by 0.27% to 13,140.25 today with 16 components losing share price.

Cisco Systems (CSCO) got the biggest boost in the index today following two analyst upgrades. Goldman Sachs (GS) analysts rated Cisco as a "conviction buy," citing a survey showing increased demand for its products in data centers. The company will also lay off 1,300 employees to cut costs. Piper Jaffray also upgraded the stock to "overweight."

"We fully expect the company will provide some cautious commentary regarding macro headwinds in Europe and the government vertical, but believe these concerns are already factored into forward expectations and the current stock valuation," Piper Jaffray analysts wrote to clients.

Goldman has a price target of $24 on the stock, which rallied 2.39% to $17.57. Cisco will report earnings next Wednesday.

American Express (AXP) fell by 2.21% today after four straight days of gains. Yesterday, the credit card company hired Marc Gordon, a former Bank of America (BAC) executive, as CIO. The position had been filled by an interim executive since January.

Twitter: @vincent_trivett
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