NEW YORK (TheStreet) -- Shares of Cisco Systems Inc. (CSCO) are higher by 6.11% to $24.20 on Thursday after the company reported earnings and revenue for the 2014 third quarter beat analysts' expectations.
The company which designs, manufactures and sells Internet protocol-based networking and other products for the communication and information technology industry, reported earnings of 51 cents per share, higher than the 48 cents expected by analysts polled by Thomson Reuters.
Revenue for the most recent quarter decreased -5.5% to $11.55 billion from the year ago period, but was higher than the $11.36 billion analysts predicted.
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Sixteen firms have upped their price targets on Cisco following the company's earnings report.
TheStreet Ratings team rates CISCO SYSTEMS INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CISCO SYSTEMS INC (CSCO) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."