The sudden shift to working remotely is giving Cisco and F5 a boost as companies scramble to make sure employees have what they need to work from home

• Cisco and F5 Networks, which make networking gear and software, have seen their shares take a hit in the coronavirus-driven market downturn.
• But the two tech companies are getting a lift from the sudden shift to a remote workforce amid the crisis, according to a Wall Street analyst.
• Businesses are "fully focused on getting workers set up to work remotely," and Cisco and F5 are "best positioned" to take advantage of this trend because of their huge customer bases, Morgan Stanley analyst Meta Marshall told analysts in a note.
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Cisco and F5 Networks have seen their stocks tumble as the coronavirus crisis sparked fears of another recession. But a Wall Street analyst said the two tech companies, which provide enterprise tech equipment to businesses, are getting a lift from a consequence of the pandemic: the sudden rise of a remote workforce.

Businesses, including major corporations, are "fully focused on getting workers set up to work remotely," a trend in which Cisco and F5 are "best positioned" given their huge customer bases, Morgan Stanley analyst Meta Marshall told analysts in a note.

Cisco, which is based in San Jose, is the leading provider of networking hardware and software, including security, used for private data centers and cloud platforms. Seattle-based F5 makes equipment and software used to monitor business networks, to make sure they are working properly and securely.

These products are key to setting up remote access for employees which has become a critical need for many businesses. Despite the downturn, companies in the financial services industry "have spared no expense on incremental purchases to get a workforce set up for remote working."

On the other hand, demand for networking systems in key markets has taken a hit. One example is the government sector. Marshall said government budgets are "beginning to dry up," especially as the federal government has focused its resources to fighting COVID-19.

F5 shares have shed about 25%, while Cisco's stock has dropped about 23% in the past month.

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