John Kosar, director of research, Asbury Research
February 23, 2015
In last week’s column I discussed the recent breakout from 10 weeks of investor indecision by the Nasdaq Composite Index and said it targeted an additional 4.5 percent rise to 5,050. The so-called comp has already gained 62 points, or 1.3 percent, in just the past week. So far, so good.
Meanwhile, a previous call that I made on a Nasdaq Composite constituent stock is reinforcing my outlook for the technology index.
On Nov. 12, I appeared on the “Talking Numbers” segmentof CNBC’s “Street Signs” to discuss Asbury Research’s forecast and outlook for Cisco Systems, just about two hours before the tech bellwether reported its fiscal first quarter earnings.
In the interview, with ticker ‘CSCO’ trading around $25.15 per share, I said that if it could move above $25.90, then I would be looking for an eventual move to $32 by the middle of 2015.
The chart shows that Cisco shares moved above $25.90 two days after the interview and has since risen by 17 percent into Friday’s $29.61 close.
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