Cisco Systems "outperform," target price raised

06.05.08 - Credit Suisse

NEW YORK, May 6 (newratings.com) - Analyst P Silverstein of Credit Suisse maintains his "outperform" rating on Cisco Systems Inc (CSCO). The target price has been raised from $27 to $30.

In a research note published yesterday, the analyst mentions that the company is expected to post its F3Q08 revenues and pro forma EPS in-line with the consensus. Checks indicate that operating conditions in the US and Europe continue to be tough at present, with prolonged sales cycles for enterprise networking equipment, the analyst says. The company is likely to issue its revenue and pro forma EPS guidance for F4Q08 at $10.30 billion and $0.39, respectively, in-line with the consensus, Credit Suisse adds.