** Shares of Cisco Systems Inc CSCO.O rose 6.4% after it raised its annual results forecast, betting on steady demand from cloud customers for its networking equipment, driven by the artificial intelligence boom
** Stock hits highest level since late Feb, on track for biggest one-day pct gain since April 9, when US President announced 90-day pause for reciprocal tariffs against many countries
** CSCO, a communications equipment maker, said finance chief Scott Herren to retire in July; to be replaced by Mark Patterson, current chief strategy officer
** For fiscal Q3 CSCO EPS of 96 cents vs Street consensus of 92 cents, and revenue of $14.15 bln vs expectation for $14.08 bln, according to data compiled by LSEG
** Co now sees FY revenue between $56.5 billion and $56.7 billion, up from its prior forecast of $56 billion to $56.5 billion, and vs analyst view of $56.47 billion
** Following the report multiple brokerages raised their PTs with JPMorgan raising PT $3 to $73, Wells Fargo raising to $75 from $72, Morgan Stanley raising to $67 from $65 and Barclays raising to $66 from $61
** Last traded at $65.18, stock up ~10% YTD vs ~0.8% drop for S&P 500 technology sector index .SPLRCT
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))
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