Deutsche Bank is now bullish on Cisco
Investing.com -- Deutsche Bank revealed in a note Monday that it has upgraded Cisco Systems (NASDAQ:CSCO) shares from Hold to Buy, citing improving growth visibility and strengthening AI-related demand.
The bank also raised its price target on the stock from $65 to $73, implying upside from the last closing price of $64.09.
The bank sees 'improved visibility towards durable mid-single-digit growth in upcoming years,' Deutsche Bank wrote, pointing to tailwinds across AI infrastructure, enterprise deployments, and sovereign spending.
'Tailwinds from AI (across webscale, enterprise and sovereign), a Campus portfolio refresh, more favorable near-term competitive dynamics in Networking and improved scale in Security' are all expected to support revenue momentum, the note said.
Cisco's earnings outlook is also strengthening, with Deutsche Bank now forecasting a 'high-single-digit (7-8%) EPS CAGR looking forward.'
This growth, the analysts noted, is underpinned by an increasingly attractive revenue mix, with 56% of total revenue now coming from subscription software and services. The shift is expected to support stable margins and allow for continued reinvestment.
The firm also sees Cisco's global supply chain strength as a key competitive advantage. 'Cisco's breadth of supply chain enables it to more deftly navigate incremental tariffs and re-invest in growth,' Deutsche Bank said, referring to ongoing trade tensions and the potential for increased cross-border duties.
The analysts believe that Cisco is showing 'increasing visibility towards delivering on targets.'
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While well-regulated stablecoins like USDC are backed by actual dollars in U.S. Treasury securities, others operate with less transparency or rely on complex algorithmic mechanisms that have proven vulnerable to collapse. (TerraUSD has had the most specular crash to date, wiping out $60 billion in value when it nosedived.) Corruption concerns in particular came into sharp focus recently when President Donald Trump's family issued its own stablecoin, a move that highlighted potential conflicts of interest in an industry where political influence can directly impact market value and regulatory outcomes. These concerns came to a head as Congress debated the GENIUS Act, legislation that would create a federal framework for stablecoin regulation. The bill passed the Senate early last week with bipartisan support, with 14 Democrats crossing party lines to support it. It now awaits a House vote before potentially reaching the president's desk. 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Haun, whose venture capital firm has made numerous stablecoin investments including Bridge (acquired by Stripe for reportedly 10 times forward revenue), is largely supportive of the legislation, unsurprisingly. But she has one notable criticism: the bill's prohibition on yield-bearing stablecoins. 'I'm not sure that yield-bearing stablecoins are a good idea for consumers in the U.S., but I'm not sure that a prohibition is a good idea,' she told StrictlyVC attendees. The issue comes down to who profits from the interest earned on stablecoin reserves. Currently, that money goes to companies like Circle and Coinbase. But Haun wonders why consumers shouldn't get that yield, just like they would with a savings account. 'If you had a savings account or checking account and you're getting yield on that, you're getting interest,' she explained. 'What if you just said, 'No, the bank gets interest, not you,' and they're lending out your money?' Haun was less nuanced when it comes to another Warren concern: that if the GENIUS Act is signed into law, stablecoins could become a vehicle for money laundering and terrorism financing. 'Criminals are great beta testers of all technologies,' said Haun. 'But this technology is highly traceable, way more traceable than cash. The largest criminal instrument is the dollar bill.' (According to Haun, the Treasury Department has testified that 99.9% of money laundering crimes succeed using traditional bank wires, not cryptocurrency.) Meanwhile, she said, the regulatory clarity that legislation like the GENIUS Act provides could actually make the system safer by distinguishing between legitimate, well-backed stablecoins from more experimental or risky variants. In fact, as the stablecoin ecosystem continues to mature, Haun sees even bigger changes ahead. She envisions a future where all kinds of assets — from money market funds to real estate to private credit — get 'tokenized' and made available 24/7 to global markets. 'It's just a digital representation of a physical asset,' she explains. 'BlackRock, Franklin Templeton, they've already tokenized their money market funds. That's already happened.' According to Haun, tokenized assets could democratize access to investments in ways similar to how Netflix democratized entertainment. Instead of having to be wealthy enough to meet minimum investment thresholds, someone with $25 and a smartphone could buy fractional ownership in a share of Apple or Amazon, for example. 'Just because something's inevitable doesn't mean it's imminent,' Haun said on Wednesday. But she's confident the transformation is coming, driven by the same forces that made stablecoins successful: they're faster, cheaper, and more accessible than traditional alternatives. Looking back at that 2018 debate with Krugman, Haun's persistence seems to have paid off. A major question now isn't whether digital dollars will reshape the financial system but perhaps more importantly, whether regulators can keep pace with the technology while addressing legitimate concerns about corruption, consumer protection, and financial stability. Haun doesn't seem concerned. While critics point to the fact that stablecoins represent just 2% of global payments, questioning their product-market fit, Haun sees this as a familiar tech adoption story — one that has played out repeatedly and often takes longer than people initially imagine. 'We think it's really early days,' she told the crowd.
