Cisco Systems Inc (NASDAQ:CSCO) shares are rising on the heels of the company’s better-than-expected quarterly results. Several analysts raised price targets following the report. Here’s a look at what’s going on.

What To Know: Cisco reported fiscal third-quarter results that came in above analyst expectations. The company said it’s seeing “clear demand” for its technologies driven by momentum with AI, which is being fueled by its secure networking portfolio and global partnerships.

• Q3 Revenue: $14.15 billion, versus estimates of $14.08 billion

• Q3 Adjusted EPS: 96 cents, versus estimates of 92 cents

“Another quarter of solid execution in Q3 drove revenue, margins and EPS above our guidance ranges. Our innovation positions us well for future growth and our operational discipline is generating strong cash flows, enabling us to deliver significant shareholder returns,” said Scott Herren, CFO of Cisco.

Cisco guided for fourth-quarter revenue of $14.5 billion to $14.7 billion versus estimates of $14.58 billion, and adjusted earnings of 96 cents to 98 cents per share versus estimates of 95 cents per share, according to Benzinga Pro.

Cisco also raised its full-year revenue guidance from a range of $56 to $56.5 billion to a new range of $56.5 to $57 billion, and bumped up its full-year adjusted earnings forecast from $3.68 to $3.74 to a new range of $3.77 to $3.79. Analysts are anticipating full-year revenue of $56.47 billion and full-year adjusted earnings of $3.73 per share.

Check This Out: Cisco Is Targeting A Multi-Billion-Dollar Security Shake-Up—And It Starts With Killing The Firewall

Analyst Changes: Following the print, multiple analysts lifted price targets on the stock.

• Wells Fargo analyst Aaron Rakers upgraded Cisco from Equal-Weight to Overweight and raised the price target from $72 to $75.

• Rosenblatt analyst Mike Genovese maintained a Buy rating and raised the price target from $63 to $74.

• JPMorgan analyst Samik Chatterjee maintained an Overweight rating and raised the price target from $70 to $73.

• Barclays analyst Tim Long maintained an Equal-Weight rating and raised the price target from $61 to $66.

CSCO Price Action: Cisco shares are up year-to-date, but are still trading below 52-week highs of $66.50 reached in February. The stock was up 5.39% at $64.60 at the time of publication Thursday, according to Benzinga Pro.

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