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Why Cisco's Stock Popped Today

TheMotleyFool

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Shares of Cisco Systems (NASDAQ: CSCO) jumped today after a JPMorgan analyst upgraded the company's stock to overweight from neutral.

The tech stock popped 4.8% on the news and was up 4.4% as of 4:05 p.m. EST.

JPMorgan analyst Samik Chatterjee also increased his price target for Cisco's stock to $55 from the previous $50. The upgrade is based on a few things that are working in Cisco's favor, including increased IT spending in the sector, Cisco's transition to subscription revenue, and the company's "inexpensive valuation."

Source Fool.com

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