Cisco Systems (CSCO) Higher on Citigroup Upgrade

Shares of Cisco Systems, Inc. (Nasdaq: CSCO) are up nearly 3% this AM following an upgrade from Citigroup.

The firm upgraded Cisco from Hold to Buy and raised their price target from $25 to $27. The firm said the stock is attractive to long-term investors based on "a) more reasonable consensus expectations; b) attractive valuation and c) our view that the consumer-led downturn will be less sharply felt in tech versus '01-'02 -- with tech recovering first."

Shares of Cisco closed at $23.20 yesterday.

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