Here Are Tuesday’s Top Wall Street Analyst Research Calls: Akamai Technologies, Arista Networks, Booking Holdings, Cisco Systems, Dell Technologies, Duolingo, Robinhood Markets, PG&E, and More

Cisco Systems (CSCO) shares fell after Piper Sandler cut its price target to $125 from $132, citing concerns over growth prospects and valuation. The firm maintained a Neutral rating, noting strong hardware demand but warning of potential growth slowdown. Cisco's long-term prospects may be supported by AI-ready networking gear demand, but rising debt and margin pressures pose risks.

AMC CEO Adam Aron praised the SEC's innovation exemption for tokenized equities, which grants temporary relief for trading tokenized stocks. The exemption allows issuers to veto third-party tokenization and requires tokenized shares to carry the same rights as underlying stocks. The order follows a dispute between AMC and Robinhood over unauthorized tokenization of AMC shares. Industry experts highlighted the implications for tokenized equity markets and future regulatory developments.

Piper Sandler lowered its price target on Cisco Systems (CSCO) from $132 to $125, maintaining a neutral rating. The stock closed at $111.46, up 1.78% in pre-market trading. The adjustment reflects changes in valuation and earnings revisions.

Morgan Stanley reports enterprise hardware spending surged in Q2, with traditional server revenue up 87% YoY, storage up 34%, and PCs up 14%. Despite strong growth, valuations declined for most stocks. MS favors P and SNX, maintains Neutral on Dell, and Underweight on HPQ. Dell showed strong execution but faces valuation concerns, while HPQ struggles with PC demand and margin pressures.

Bitcoin surged to $86,534.71, a 6.6% increase in 24 hours, triggering short-seller liquidations. Ether, Solana, XRP, and crypto-related stocks like Coinbase (COIN) and MicroStrategy (MSTR) also rose. A short squeeze contributed to the rally, with $1.54 billion in long liquidation exposure below current prices and $1.25 billion in short exposure above.

Robinhood Markets (HOOD) shares rose 3% on Monday, outperforming the S&P 500, driven by a cryptocurrency price boom and a positive analyst note. Analyst Gautam Chhugani highlighted Robinhood's involvement in tokenized stocks, which could benefit from recent SEC guidance, according to Bernstein SocGen.