思科 (CSCO.US):Datadog 的拒绝并不影响并购战略,目标价65.00 美元
机构:中信证券
虽然思科提出的据报 70 亿美元的收购要约被 Datadog 拒绝,但在我们看来,消息证实了思科仍在坚持其为既有硬件业务增加订阅软件的战略。
彭博报道指 Datadog 不准备放弃自己的 IPO 计划。我们预计思科未来将寻求类似性质的交易以助其转型。由于企业支出恶化,预计公司增长势头将在 2020 年放缓。
虽然管理层坚定地向更健康的软件组合和经常性销售转型,但公司无法在全球经济走弱的环境下独善其身。
思科的目标是在保安、协作和网络管理产品的推动下,到 2020 年,软件和服务将至少贡献总销售额的一半。公司希望在其核心网络产品的基本转变中保持领先地位,这些产品正转向采用软件驱动的模式。

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