NEW YORK (TheStreet) -- Shares of Cisco Systems Inc (CSCO) are higher by 1.16% to $29.57 in early market trading Monday, after analysts at Pacific Crest Securities upgraded the company to "overweight" from "sector perform" this morning.
Additionally, the firm set a $36 price target on shares of the technology giant.
Analysts believe Cisco's improving fundamentals and cloud momentum should drive better growth in the second half of 2015 and into 2016.
Cisco designs, manufactures, and sells Internet protocol-based networking and other products related to the communications and information technology industry.
The company also has a line of products for transporting data, voice, and video around the world, operating in the Americas, Europe, Middle East, Africa, Asia Pacific, Japan, and China. It is based in San Jose, Calif.
Cisco Systems (CSCO:Nasdaq; $29.23; 2,750 shares; 3.08%; Sector: Technology): The shares traded up slightly this week on little news. Cisco is expected to report third-quarter fiscal 2015 earnings on Wednesday, May 13, after the close. We are positive heading into the quarterly results and believe several of Cisco's key businesses are building momentum, which could potentially lead to a slight beat and raise.
We expect the enterprise and commercial verticals to drive results, with strength in data center, switching, wireless and services. With Chuck Robbins about to take reins from long-term CEO John Chambers, we expect little change in the strategy, which has been working. Our target is $33.
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You can view the full analysis from the report here: CSCO Ratings Report