Cisco Systems "outperform," target price raised

10.11.06 - Credit Suisse

NEW YORK, November 10 (newratings.com) - Analysts at Credit Suisse maintain their "outperform" rating on Cisco Systems Inc (CSCO), while raising their estimates for the company. The target price has been raised from $26.5 to $31.0.

In a research note published yesterday, the analysts mention that the company has reported its F1Q07 revenues and P/F EPS ahead of the estimates and the consensus. Cisco Systems has reported robust performances across each of its product, customer and geographic markets, the analysts say. The upward revision in the target price reflects the pro-forma non-options expensed estimate of $1.40 for 2007. The EPS estimates for 2007 and 2008 have been raised from $1.28 to $1.29 and from $1.45 to $1.51, respectively.