Cramer Sees Value in Cisco (CSCO) Despite CEO's Cautious Comments

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Jim Cramer sees Cisco Systems Inc. (NASDAQ: CSCO) as having a strong September and that the stock is relatively cheap compared to realtive to history, much like Intel Corp. (NASDAQ: INTC).

Cramer sees the cautionary comments made by Cisco CEO John Chambers may not be not be in sync with the actual course of growth for the company.

"I'm looking for stocks that have nothing for a long time," Cramer said. "Cisco is a buy."

Cramer added that Hewlett-Packard Co. (NYSE: HPQ) is not doing that well and that he is looking rather to smart phone companies.

Shares of Cisco closed up 2.48 percent on Wednesday to $23.18.

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