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Cisco Systems Inc CSCO is set to report earnings after the bell Wednesday and one investor is expecting an upside surprise.
What To Know: Cisco is expected to report fiscal first-quarter earnings of 84 cents per share on quarterly revenue of $13.31 billion, according to Benzinga Pro.
The company previously indicated that its first quarter could be strong. During its fourth-quarter report, Cisco guided for revenue growth between 4% and 6% and noted that full-year product orders and backlog were both at record highs, reflecting “the strong demand we continue to see,” Cisco said at the time.
Cerity Partners’ Jim Lebenthal owns shares of Cisco and said he expects the company to turn in numbers above analyst expectations.
“I think they’re going to deliver good results and good guidance,” he said Wednesday on CNBC’s “Fast Money Halftime Report.”
Ultimately, the report hinges on enterprise spending, Lebenthal said, adding when companies spend on Cisco products, they do so for multiyear periods.
He told CNBC that he doesn’t expect Cisco customers to interrupt plans to expand their businesses over the coming years.
“So I think you’ve got a good setup here. It’s a steady stock,” Lebenthal said.
“Maybe Cisco is more important than we think … Cisco doesn’t get the attention it should.”
See Also: What Does Cisco Systems’ Debt Look Like?
CSCO Price Action: Cisco has a 52-week high of $64.29 and a 52-week low of $38.61.
The stock was down 0.96% at $44.47 Wednesday afternoon.
Photo: DennisM2 from Flickr.
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Image and article originally from www.benzinga.com. Read the original article here.