Cisco's (CSCO) Results Highlight Restocking Upside Potential For Semis - Jefferies

Analyst at Jefferies said Cisco's (Nasdaq: CSCO) better-than-expected Q1 results highlights restocking upside potential for semis.

"Cisco's view on demand appears consistent with expectations for other OEMs to deliver roughly seasonal growth in CQ4'11, out-pacing semiconductor growth," the analyst said, "We continue to think the slower growth of semis means inventories are depleting, and we expect a restocking cycle to start in 1H12."

Jefferies recommend buying product cycles in Smartphone (Nasdaq: BRCM), (Nasdaq: MRVL), (Nasdaq: AVGO), and Comm-infrastructure/Cloud (Nasdaq: ALTR), (Nasdaq: IPHI, (Nasdaq: PMCS).

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