Cisco Systems "buy," target price raised

09.08.07 - UBS

NEW YORK, August 9 (newratings.com) - Analysts at UBS maintain their "buy" rating on Cisco Systems Inc (CSCO), while raising their estimates for the company. The target price has been raised from $33 to $36.

In a research note dated August 8 and published this morning, the analysts mention that the company has posted its 4Q07 sales and EPS ahead of the estimates. Cisco Systems ended the quarter with robust and balanced growth and 27% y/y backlog growth, the analysts say. The company has raised its long-term growth target from 10%-15% to 12%-17%. The EPS estimate for 2008 has been raised from $1.44 to $1.45.