BofA Boosts Cisco (CSCO) Price Target, Citing AI Networking and Campus Refresh Strength

Cisco Systems, Inc. (NASDAQ:CSCO) is one of the AI Stocks Investors Are Watching. On November 13, BofA Securities raised its price target on the stock to $95 from $85 while maintaining a “Buy” rating. The firm has cited strong orders for AI networking and campus refresh demand behind its price target raise.

According to analysts, the highlights of the quarter for Cisco have been strong orders for AI networking, a $3B FY26 AI revenue target and the strong drive from a campus refresh.

“The quarter’s tale is about very strong orders for AI networking and a $3bn FY26 AI revenue target, vs. $1bn recorded in 2025. Campus refresh was another strong driver, with $10bn of old Campus products reaching end-of-service in FY26.”

The analysts further noted how the networking cycle “has legs” and the company is positioned to benefit from the campus refresh and AI cycle. This is particularly true as AI expands to enterprise environments, they noted.

“AI and Campus strength drove an increase to 2026 revenue growth guidance, now at 7% vs Street’s 5.3%. Security disappointed again, down 2% YoY, despite platform launches and Firewall refreshes. All in, we favor Cisco’s stock and reiterate our Buy. The Networking cycle has legs, and the stock is only trading at a 17x forward EV/FCF multiple. The company is positioned to benefit from the Campus refresh and AI cycle, especially as AI expands to Enterprise environments. We update our estimates and raise our PO to $95 from $85, now based on 21x 2027E EV/FCF vs. 19x prior given strength in AI and campus. Reit. Buy.”

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