We closed out our November 12th long bias in Cisco Systems (CSCO) today to capture a $3.06 per share, 12% rise in the stock in almost 8 months. The S&P 500 rose by just 3% during the same period.
We have been closing tracking CSCO for a number of reasons including its relatively large market cap, comprising 3.5% of the Technology Sector, and its positive correlation to the market-leading NASDAQ 100 Index.
Back on Nov. 12, John Kosar appeared on the “Talking Numbers” segment of CNBC’s “Street Signs” to discuss Asbury Research’s forecast and outlook for CSCO just about two hours before the tech bellwether reported its fiscal first quarter earnings, and targeted a move to $32 by the middle of 2015. CSCO subsequently rose by $25.11 per share or 21% into the March 2nd high, but the stock has been stuck in neutral since then.
Asbury Research Subscribers: Our latest analysis and new price target for Cisco Systems (CSCO) are available in today’s (June 26th) Weekly Wrap-Up, which you can access by logging into the Research Center.