Cisco Systems "buy," target price raised

08.02.06 - Banc of America

NEW YORK, February 8 (newratings.com) - Analyst Tom Long of Banc of America Securities reiterates his "buy" rating on Cisco Systems (CSCO), while raising his estimates for the company. The target price has been raised from $20 to $22.

In a research note published this morning, the analyst mentions that the company has reported its January quarter revenues in-line with and EPS marginally ahead of the estimates and the consensus on account of better-than expected margins. Cisco Systems witnessed strength across geographies and product lines during the quarter, Banc of America Securities adds. The EPS estimates for FY2006 and FY2007 have been raised from $1.02 to $1.05 and from $1.17 to $1.20, respectively.