BofA analyst Tal Liani sees an opportunity in Cisco's stock despite a post-earnings dip, citing broad networking demand and growing AI revenue. Cisco reported record fiscal Q4 revenue of $17.3 billion (up 18% YoY) and adjusted earnings of $1.22 per share. Networking revenue jumped 28% to $9.8 billion, with total product orders up 35% and ex-hyperscaler orders up 25%. The company also booked $4 billion in AI infrastructure orders from hyperscalers in Q4, bringing full-year AI orders to $9.3 billion. BofA raised its fiscal 2027 adjusted earnings estimate to $5.08 from $4.77, and fiscal 2028 to $5.47 from $5.21, believing the demand cycle will outweigh concerns about gross margin pressure and valuation.