Cisco Stock Smashes Records on Robust Earnings and AI Demand

Cisco stock has reached record highs after robust quarterly earnings performance. The company's revenue rose 12% to $15.8 billion, beating expectations of $15.6 billion.

HSBC upgraded Cisco to 'buy' from 'hold', hailing the company's strong demand for its products and AI technology relevance. The investment bank raised its price target to $137 from $77, implying nearly 19% upside from Thursday's close.

Cisco CEO Chuck Robbins attributed the company's performance to a strong, broad-based demand for its products, particularly in hyperscaler AI build-outs and enterprise artificial intelligence networking upgrades.