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Deutsche Bank Upgrades Cisco to 'Buy'

Deutsche Bank upgraded Cisco Systems (CSCO) to buy from hold.

Analyst Raj Srikanth says he met with management on Monday. He says business trends seem to be improving across the board except for the carrier market. He cites better-than-expected August business propelled by the federal government, small and medium enterprises, and large enterprise in the U.S.

Srikanth says operating leverage appears to be much stronger than expected, and management appears confident in continued strength in government for the next few quarters. As a result, he raised the 59 cents fiscal 2004 (July) earnings per share estimate to 62 cents, and upped the 68 cents fiscal 2005 earnings per share estimate to 73 cents. Also, Srikanth raised his price target to $25.

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