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Cisco (CSCO) is scheduled to report results of its fiscal first quarter after the market closes on November 12 with a conference call scheduled for 4:30 pm ET. What to watch for:

GUIDANCE: Along with its last report, Cisco guided for Q1 earnings per share in the range of 97c-99c on revenue of $14.65B-$14.85B. At the time, analysts were expecting the company to report Q1 EPS of 97c on revenue to $14.62B, but those figures have since risen to 98c and $14.78B, respectively.

HSBC DOWNGRADE: Following the company's Q4 results, HSBC downgraded Cisco to Hold from Buy with a $69 price target. The company's fiscal Q4 results and 2026 outlook missed HSBC's estimates as the networking segment slows, the analyst tells investors in a research note. The firm believes Cisco's fiscal 2026 revenue guidance and slowing growth in remaining performance obligations suggest the restocking effect may be coming to an end sooner than expected. The company's strength in artificial intelligence infrastructure orders is getting offset by weakness elsewhere, contends HSBC.

MORGAN STANLEY PT: Last month, Morgan Stanley analyst Meta Marshall raised the firm's price target on Cisco to $77 from $73 and maintained an Overweight rating on the shares. Heading into the Q3 reports for the telecom and networking equipment sector, the firm prefers companies with higher margins and artificial intelligence exposure. Strong demand should continue as optical and networking helps "resolve bottlenecks" to getting greater graphics processing unit utilization, the analyst told investors in a research note.

UBS UPGRADE: Earlier this month, UBS analyst David Vogt upgraded Cisco to Buy from Neutral with a price target of $88, up from $74. The firm sees a "multi-year growth cycle" for the company, driven by artificial intelligence infrastructure demand, a "large-scale" Campus refresh cycle, and momentum in security. Cisco has secured over $2B in AI orders in fiscal 2025, nearly all from hyperscalers, while its Campus refresh cycle is accelerating, the analyst tells investors in a research note.

ERSTE UPGRADE: Erste Group analyst Hans Engel upgraded Cisco to Buy from Hold. Cisco Systems' operating margin will remain above average, as will its return on equity, the analyst tells investors. Cisco's management has given "an optimistic outlook for the new fiscal year 2026," and the firm considers the company's forecast to be conservative and expects it to exceed its target, the analyst added.

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