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.