摩根士丹利Q3 CIO调查：思科仍是网络设备首选，但整体支出意愿明显回落，维持增持与135美元目标价

Cisco Systems ( CSCO ) ranked as the top choice for networking in a Morgan Stanley third-quarter survey of CIOs despite plans from most CIOs to moderate spending. "Net vendor spend intentions fell to +28% from +57%, with data center purchase intentions easing to +37% from +55%, although both remain ahead of peers," said Morgan Stanley analyst Meta Marshall in a Thursday investor report. "Campus trends were more resilient, with upgrade intentions improving to +36% from +33% and campus switching spending strengthening, even as Cisco retention softened to 63% from 68%. Security remains the strongest spending category despite moderating intentions, while Splunk sentiment improved modestly without materially changing purchasing behavior." Morgan Stanley retained its Overeight rating and $135 price target on Cisco following the survey results. "Network security spend intentions eased to +70% from +85%, while Cisco security product purchase intentions declined to 47% from 57%," Marshall added. "Splunk sentiment remained constructive, with 31% of noncustomers reporting an improved view of Cisco's offering, up from 24%." The survey also found that increases to equipment prices played a role in spending moderation as project delays during the quarter climbed to 13% from 2% quarter over quarter. "Equipment pricing remains a headwind, with 83% reporting 1-10% price increases and 40% indicating further increases would delay purchases," Marshall noted.