Citi upgraded Cisco to Buy from Neutral with a price target of $62, up from $52. The firm expects the company to benefit from an expanding ethernet artificial intelligence total addressable market and a narrowing valuation gap versus peers. While AI is currently a small piece of Cisco’s business, Citi sees the potential for a stronger contribution, the analyst tells investors in a research note. The firm is now incrementally more constructive on the group and expects continued investor rotation out of semis and hardware into networking equipment.