By Priya Nigam
Publication Date: 2025-11-17 16:13:00
Following Cisco Systems Inc’s (NASDAQ:CSCO) earnings release for the fiscal first quarter, JPMorgan hosted an investor meeting with the Head of Investor Relations, Sami Badri.
The Cisco Systems Analyst: Analyst Samik Chatterjee reiterated an Overweight rating on the stock.
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The Cisco Systems Thesis: Chatterjee mentioned the following takeaways after the meeting:
- The company’s fiscal 2026 guidance for hyperscaler AI order of more than $4 billion is “a minimum-level target.”
- Most of the AI opportunity pipeline, which is worth over $2 billion and includes NeoCloud and Enterprise AI, was produced over the last quarter.
- The Sovereign AI pipeline is not reflected in the over $2 billion estimates.
- The gross margin pressure experienced in the fiscal first quarter was mostly due to mix and year-on-year comps.
- The telco vertical strength is more durable than the 4G cycle.
- A significant mix shift to new products is required for the company to…