Cisco Systems "buy," target price raised

10.11.06 - Banc of America

NEW YORK, November 10 (newratings.com) - Analyst Tim Long of Banc of America Securities reiterates his "buy" rating on Cisco Systems Inc (CSCO), while raising his estimates for the company. The target price has been raised from $27 to $30.

In a research note published yesterday, the analyst mentions that the company has reported its FQ1 productivity gains ahead of the estimates due to a higher-than-expected increase in sales personnel. Cisco Systems' performance in Europe and Japan improved, while that in the US remained robust, the analyst says. The company witnessed broad-based strength across its product lines, Banc of America Securities adds. The EPS estimate for FY08 has been raised from $1.50 to $1.52.