Cisco Systems "buy," target price raised

07.02.07 - UBS

NEW YORK, February 7 (newratings.com) - Analyst Nikos Theodosopoulos of UBS maintains his "buy" rating on Cisco Systems Inc (CSCO), while raising his estimates for the company. The target price has been raised to $31.

In a research note published this morning, the analyst mentions that the company has reported robust 2Q07 results, with sales and EPS ahead of the estimates. The upside was driven by broad-based strength in Cisco Systems? products, customers and theater businesses, the analyst says. The EPS estimates for FY07 and FY08 have been raised from $1.19 to $1.21 and from $1.43 to $1.44, respectively, to reflect a lower tax rate and higher sales.