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NEW YORK ( TheStreet) -- Investors shouldn't chase shares of Cisco ( CSCO) higher. That was Jim Cramer's advice to Debra Borchardt at TheStreet.com Wednesday as he responded to Cisco's positive quarterly results.

Cramer said that five of the analysts that cover Cisco were expecting the company to meet their earnings but then guide lower, but that didn't happen, he said, which is why shares are rallying. Cisco cited strong telecom spending and noted that fears of competition were overblown.

That said, Cramer noted that Cisco is still a company that could be hurt by the U.S. fiscal cliff and therefore would not chase the stock higher from these levels. He said there's a lot to like about Cisco, including the more humble CEO John Chambers. However when it comes to Washington, no one can foresee events there, which is why investors need to remain cautious.

Watch the full Cramer interview here.

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--Written by Scott Rutt in Washington, D.C.

To email Scott about this article, click here: Scott Rutt

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