Goldman Sachs Says Fundamentals of Cisco (CSCO) Inflecting, Adds to Conviction Buy List

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Goldman Sachs added Cisco (NASDAQ: CSCO) to its Conviction Buy List Thursday with a price target of $24, suggesting 40 percent upside.

Fundamentals are inflecting positively, according to the firm. Both Goldman's recent IT Survey and their just-published channel survey point to stronger than expected growth in enterprise networking, and switching in particular, as well as to a stronger competitive position for Cisco. In addition, North America capex
appears set for above-seasonal growth in 2H 2012.

Goldman also said longer-term concerns such as software-defined networking (SDN) are overdone.

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 $17.16 yesterday, with a 52 week range of $13.30-$21.30.

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