Cisco (CSCO) Bullish Stance Reiterated at Piper Jaffray Following 'Solid' Q2

Piper Jaffray analyst Troy Jensen reiterated an Overweight rating and $33 price target on Cisco (NASDAQ: CSCO) following Q2 results which he called "solid."

Jensen commented, "Cisco reported solid FQ2 results with revenues and EPS coming in better than consensus estimates, which was driven by strength in EMEA, US Commercial and US Public Sector. From a product perspective, Switching, Data Center and Wireless saw strong demand in the quarter, while service provider revenue and China dragged on results. Management’s tone was surprisingly upbeat regarding the near-term outlook, book/bill was above 1.0x and guidance of up 3-5% year/year was in line with expectations. We continue to believe Cisco is benefiting from a switching upgrade cycle that should sustain throughout 2015 and the company is making good strides with cost controls and capital allocation. We believe shares remain relatively inexpensive and we see little downside risk, which is supported by an attractive dividend yield and a share buyback. As a result, we are reiterating our Overweight rating and $33 price target on CSCO shares."

The firm bumped FY 2015 EPS from $2.13 to $2.14.

For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.

Shares of Cisco closed at $26.93 yesterday.

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