The U.S. stock market is having its first tough start to 2018, with the Dow Jones Industrial Average and Nasdaq both down about 0.5% in early Wednesday trading.

There is at least one bright spot in both indices, though: Cisco Systems (CSCO - Get Report) , which is up about 0.25% after the company received a bullish push from the analysts at Piper Jaffray. Analyst James Fish assigned an overweight rating to Cisco and bumped the firm's price target to $44 from $37. From current levels, that implies about 10% upside.

"I've got a real good feeling about Cisco," TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. Part of that good feeling stems from Fish's recent note.

The analyst talks about an "under-appreciated cash flow story," as well as the company's transition to a more software-based business model. That's not unlike the recent reasoning behind Bank of America/Merrill Lynch analysts also warming up to Cisco. However, they used a $46 price target, a bit higher than Fish's $44 target.

Cisco Systems CEO Chuck Robbins
Cisco Systems CEO Chuck Robbins

Fish also points out that Cisco could repatriate $48 billion in after-tax overseas cash. In essence, it comes down to those three things: Cash flow, software sales and repatriation. 

The repatriated cash could go to dividend increases (for which Cisco stock already yields close to 3%), a stock repurchase plan or more M&A, reasoned Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

On a down day in the stock markets, maybe investors should at least look at a stock like Cisco, Cramer said. At the very least, it's one to watch, he added. Cisco stock has a reasonable valuation, good dividend yield and positive catalysts.

Shares of Cisco closed at $39.91 Wednesday, up 0.55%. 

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This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.