Cisco Systems' (CSCO) fiscal Q2 results showed that the company's cloud artificial intelligence story is "seeing traction" and can contribute to its growth going forward, Morgan Stanley said Thursday.
Late Wednesday, the networking equipment maker logged stronger-than-expected fiscal Q2 results amid growing demand for its products. Cisco said it recorded AI infrastructure orders of more than $350 million in the quarter.
"While the company gets little credit today for their AI story, we were encouraged by these results given the contribution it can have to growth for the company," Morgan Stanley said in a note to clients.
"While enterprise orders only grew 4% ex-Splunk, we were encouraged that with demand strengthening beyond data center that upside to results could continue for the next couple of quarters," the brokerage said.
Morgan Stanley kept its rating on the Cisco stock at overweight, with a $68 price target.
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