UBS analyst Steven Milunovich lowered his price target on Cisco (NASDAQ: CSCO) to $29.00 (from $31.00) but maintained a Buy rating. The analyst said the quarter was good enough to boost the stock, which they view as oversold.

commented, "Cisco reported a mixed quarter but one good enough to boost the oversold stock. Revenue of $11.8bn (ex-STB business) beat consensus of $11.7bn as did non-GAAP EPS of $0.57 vs $0.54 (aided 1.5 cents by a low tax rate). Declines in switching and data center were offset by strength in routing and security. Business slowed in January, the last three weeks of the quarter. Macro weakness is offset by a conservative 2% revenue boost in the April quarter due to the extra week, resulting in 1-4% growth guidance. The 24% dividend hike was a powerful statement of sustained profitability. The stock rose 7% to $24 after market; we have a Buy rating with a $29 price target.

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Shares of Cisco closed at $22.51 yesterday.