Analyst: Cisco 'practicing what they preach with results'
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RESEARCH TRIANGLE PARK, N.C. – Two Wall Street analysts certainly liked what they heard from Cisco Systems (Nasdaq: CSCO) at a briefing in New York on Tuesday.
Wedbush Morgan analyst Matthew Robison kept an "Outperform" rating on Cisco and said the company is "practicing what they preach with results."
He also called CEO John Chambers' presentation at the meeting "upbeat" and said he indicated "greater comfort than ever" with the company's position.
Meanwhile, Deutsche Bank analyst Brian Modoff said the meeting reinforced his upbeat outlook on the networking gear maker and its shares.
Modoff said his conversations with Cisco's management were "consistently positive," and he expects the company's share price to benefit from several of Cisco's growth projects in virtualized data centers, routers and other areas.
Virtualization lets a single computer function like multiple machines, allowing companies to spend less on equipment and energy in their data centers.
Since July, five analysts have upgraded their ratings on Cisco stock.
Fifteen analysts rate Cisco as a strong buy, 12 as a buy, 11 as a hold, and only one as underperform, one as sell, according to Yahoo Finance.
Cisco shares opened Wednesday at $23.81, close to their 52-week high of $24.83.
Cisco employs more than 4,000 people at its campus in RTP.
Copyright 2010 Local Tech Wire. All rights reserved.
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