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), Renren ( RENN) and Advanced Micro Devices ( AMD).

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.

Cisco

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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