NEW YORK (TheStreet) -- Shares of Cisco Systems Inc (CSCO) were climbing, up 0.48% to $29.22 in early market trading Wednesday, after analysts at Nomura and RBC Capital issued positive noted on the IT giant this morning.
TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "I thought this Cisco piece by the Nomura analyst gave you a ton of reasons to BUY the stock not hold it and I would urge people to do so."
"He likes Arista and I get that, but Cisco's quarter was much better and I think incoming CEO Chuck Robbins will be terrific . The RBC piece recommending Cisco was much more rigorously argued," he added.
Nomura initiated coverage on Cisco with a "neutral" rating and a $32 price target.
Nomura analysts view Cisco as "well positioned to become the data center winner," given its vast customer base, vision, and execution.
Still, Nomura thinks shares may take a breather in the near term.
"However, we do expect Cisco to exploit pockets of faster growth or poor share, such as optical, security, and data center switching," the firm wrote in a note this morning.
"We await a better entry point on this long-term IT winner," Nomura added.
In addition, RBC Capital upgraded Cisco to "outperform" from "market perform." The firm also raised its price target to $33 from $31.
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.