Cisco Systems (NASDAQ:CSCO) finished trading on Friday at $121.43, up 4.7% over the week, ahead of its Wednesday earnings report. The stock stands 6.9% under its record high from June 4. Wall Street analysts project revenue of $16.83 billion and adjusted earnings per share of $1.17, closely aligning with the midpoint of Cisco’s guidance. The key challenge is to turn $9 billion in AI orders into consistent revenue and stable margins. Cisco has set a target of $9 billion in AI infrastructure orders for fiscal 2026, with $4 billion in anticipated revenue from those orders. Chief Financial Officer Mark Patterson described at least $6 billion in hyperscaler revenue for fiscal 2027 as “reasonable,” a figure 50% higher than the fiscal 2026 revenue goal. Cisco shares have surged 57.6% since the start of the year, outpacing key U.S. indexes. Cisco ended Friday with a price-to-earnings ratio of 28.4 based on projected adjusted earnings for fiscal 2026, dropping to 25.4 for projected fiscal 2027 results, which indicate an earnings increase of 11.9%. Analysts’ average price target stands at $133.75, suggesting a potential rise of 10.1%, with the lowest target at $121. Peer performance includes Arista Networks reporting a 37.7% increase in quarterly revenue and Hew