2Q26 CIO Survey Takeaways - CSCO Pulling Further Ahead

研报英文原文证据摘录

2Q26 CIO Survey Takeaways - CSCO Pulling Further Ahead

Idea

July 17, 2026 01:51 AM GMT

Morgan Stanley & Co. LLCMCisco Systems Inc | North America Meta A Marshall

Equity Analyst

2Q26 CIO Survey Takeaways - Meta.Marshall@morganstanley.comAntonio Jaramillo +1 212 761-0430

Research Associate

Antonio.Jaramillo@morganstanley.com +1 212 761-4438

CSCO Pulling Further Ahead

Cisco Systems Inc (CSCO.O, CSCO US)

CSCO continues to screen as the clear leader in our 2Q26 VAR Telecom & Networking Equipment | United States of

America

survey, with accelerating spend intentions across campus and Stock Rating Overweight

data center, supported by broadening refresh activity. Improving IndustryPrice targetView $130.00In-Line

sentiment around Splunk and broader Security offerings further Shr price, close (Jul 16, 2026) $109.66

Mkt cap, curr (mm) $435,119

strengthen competitive positioning. Remain OW. 52-Week Range $130.37-65.75

Fiscal Year Ending 07/25 07/26e 07/27e 07/28e

2Q26 CIO survey results added to Cisco’s already strong momentum. Average

EPS ($)** 3.80 4.27 4.78 5.19

growth expectations rose to 3.0% from 0.6%, with pipeline indicators improving Prior EPS ($)** - - - -

EPS ($)§ 3.79 4.28 4.79 5.29

across campus and data center. Refresh activity is increasingly converting, led by

ModelWare EPS ($) 2.90 3.32 3.87 4.27

security needs, while AI remains an incremental catalyst. Security momentum also P/E 23.4 33.0 28.4 25.7

Div yld (%) 2.4 1.5 1.5 1.5

strengthened, including better Splunk purchasing sentiment and broader cross-sell

potential. Overall, results reinforce durable demand, improving wallet share and our Unlessframeworkotherwise noted, all metrics are based on Morgan Stanley ModelWare

OW thesis. **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates