Cisco ( CSCO) caught a bid in Tuesday's premarket after the shares were upgraded at Janney Montgomery on a forecast for market-share gains.

The shares were recently up 28 cents, or 1.3%, to $22.63 on the Instinet premarket session after falling 15 cents to $22.35 in Monday's rout. The shares' 52-week range is $12.80 to $29.39, the high end of which was hit nine weeks ago. The shares currently cost about 36 times trailing 12-month earnings.

The Janney Montgomery analyst said the decline since mid-January is a buying opportunity, coming at a time in which the network gearmaker's business has improved. The brokerage also predicted further market-share inroads in home networking, storage, security and wireless -- key areas as its core router and switch franchise matures.

Janney Montgomery, which sees a general upturn in tech spending over the next few quarters, upgraded the shares to buy from hold. It has a $26 price target on the shares and hasn't done investment banking for the company.