Investing.com - A dot com era dynamo is back in favor on Wall Street.
Goldman Sachs (NYSE:GS) has added Cisco Systems (NASDAQ:CSCO) to the firm's conviction list, saying it expects the networking giant to "deliver significant shareholder returns" thanks to the recent cut in corporate taxes.
The firm also raised its 12-month stock-price target from $51 to $54 a share, the highest among Wall Street firms.
A half dozen other firms raised their stock-price targets a month ago when Cisco beat earnings expectations.
Cisco has increased both its stock buyback plan and quarterly dividend since the tax cut became law late last year.
Goldman also likes Cisco as a defensive play in an increasingly volatile market.
The stock is now at a 17-year high. It's up 25% in the past 12-months and more than 10% in 2018.