Cisco Systems "buy," price objective raised - update

09.08.07 - A.G. Edwards & Sons

NEW YORK, August 9 (newratings.com) - Analyst Aaron C Rakers of AG Edwards maintains his "buy" rating on Cisco Systems Inc (CSCO), while raising his estimates for the company. The price objective has been raised from $31 to $35.

In a research note published yesterday, the analyst mentions that the company has posted robust F4Q07 results, ahead of the estimates. Cisco Systems has raised its long-term growth target from 10%-15% to 12%-17%. The company appears well positioned to benefit from the robust long-term secular trends going forward, AG Edwards adds. The non-GAAP EPS estimate for FY09 has been raised from $1.71 to $1.82.