Deutsche Bank Upgrades Cisco (CSCO) to Buy On Execution

Deutsche Bank upgraded Cisco (NASDAQ: CSCO) from Hold to Buy and raised their price target to $22 from $17. The firm cited execution and product cycle upside.

The firm noted that Q1 revenue of 11.26 billion was above their estimate and the consensus. Pro-forma EPS of $0.43 was a "strong beat." In addiiton, the consensus of revenue of $11.14-$11.24 billion and EPS of $0.42-$0.44 was above the consensus.

"We are encouraged by signs of order momentum and sales execution and note upside to view even at a modest 12x multiple to our FY12 EPS estimate," the analyst said.

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 $17.61 yesterday.

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