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.

More from Opinion

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

3 Warren Buffett Stock Picks That Could Be Perfect for Your Retirement Portfolio

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

50 Stocks That Could Be Shredded If a U.S. Trade War With China Ignites

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

Tuesday Turnaround in Politics: Is a Trade War on the Horizon?

Many Chip Stocks Look Cheap Here, as Long as the Economy Holds Up

Many Chip Stocks Look Cheap Here, as Long as the Economy Holds Up

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense

Apple Buys Tesla? Amazon Buys Sears? 3 Dream Mergers That Just Make Sense