Cisco stock hit a record high Thursday, but shares are poised to soar even higher following the networking company’s blowout fiscal third-quarter results , according to Morgan Stanley. The investment bank has an overweight rating on Cisco and raised its price target to $120 from $91, implying 18% upside from Wednesday’s close. “Multiple relative to other AI capex names still reasonable, growth higher than in 15 years, estimates still likely have room for upside, keeping us OW,” analyst Meta Marshall said Thursday in a note to clients. Shares surged 14% Thursday morning following the better-than expected report and surprisingly strong financial outlook. Earlier, shares sailed to a record high just north of $119. CSCO YTD mountain Cisco shares year to date In the quarter ended April 25, Cisco earned $1.06 per share after adjustments versus the $1.04 expected by analysts polled by LSEG. Its revenue came in at $15.84 billion, topping the Street’s consensus estimate of $15.56 billion….