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3 Tech Turnaround Stocks for 2012

NEW YORK ( TheStreet) -- While 2011 was a good year for tech stocks like IBM (IBM) and Apple (AAPL), it was a punishing one for less fortunate names such as Cisco (CSCO - Get Report), Renren (RENN - Get Report) and Advanced Micro Devices (AMD - Get Report).

There's good news, though, for investors. While Cisco, Renren and AMD were hit hard last year, all are poised for a turnaround in 2012.


2011 was a messy year for Cisco. Shares fell nearly 11% after the network equipment maker's foray into the consumer space fell flat and distracted the company from its core networking business. In response, CEO John Chambers announced a turnaround plan that involved cutting jobs and a major revamp of the company's management structure.

While it may be too early to tell if Cisco's turnaround is working -- the company releases its second quarter earnings on Wednesday -- analysts are already bullish on the stock.

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Last week, Baird raised its full year 2012 revenue and earnings per share estimates and upped its price target to $21.

Auriga USA also raised its price target to $24, noting Cisco "is benefiting from a stronger enterprise/public sector spending environment and also improving product cycles in multiple segments."

Analysts on average are expecting Cisco to report earnings of 43 cents per share and revenue of $11.23 billion during the quarter.

Shares of Cisco have risen over 11% since the beginning of the year.
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AMD $3.55 0.00%
CSCO $27.49 0.00%
RENN $3.15 0.00%
AAPL $93.74 0.00%
FB $117.58 0.00%


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