1 Top Tech Stock to Buy for the Coming Bull Market

Popular tech company Cisco Systems, Inc. (CSCO) surpassed revenue and EPS estimates by 3% and 2.9%, respectively, for its fiscal 2023 first quarter ended in October 2022. Moreover, the company expects 4.5% to 6.5% year-over-year growth in its revenue for the fiscal year 2023.

On the other hand, favorable macro data, including falling inflation and robust job growth, have stirred up fresh optimism. According to a Bankrate survey, 57% said a bull market would begin again in 2023.

Hugh Johnson, the chief economist of Hugh Johnson Economics, believes, “I anticipate a more positive financial market environment beginning to unfold in Q1 or Q2, even though that may sound like and indeed be wishful thinking.”

In addition, analysts Dan Ives and John Katsingris of Wedbush Securities see the potential for 20% growth in tech in 2023. This is expected to bode well for CSCO.

Furthermore, CSCO has paid dividends for 11 consecutive years. Its dividend payouts have increased at a 5.6% CAGR over the past five years. Its current dividend yield is 3.10%, while its four-year average yield is 2.98%.

CSCO has lost marginally over the past month. However, it has gained 14.3% over the past six months and 24.8% over the past three months to close the last trading session at $49.00.

Here is what could shape CSCO’s performance in the near term…

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