Cisco Systems Inc.  (CSCO)  is underrated, according to JP Morgan analysts. 

In a note to clients on Friday, JPMorgan's Samik Chatterjee wrote that Cisco's product momentum will continue in coming quarters and outperform investor expectations -- despite any effects from the prolonged partial government shutdown. Approximately 20% of Cisco's revenues come from the government, the analysts noted, but such headwinds are likely fleeting.

"We are positive on shares of Cisco heading into its F2Q19 earnings (Jan-end) led by the sustainability of the recently demonstrated product momentum underappreciated by investors in our view," wrote Chatterjee.

The networking giant is also in a strong position to gain from intensifying scrutiny on Huawei, which it completes with in certain lines of business, including routing, campus and data center switching, the analysts added.

Cisco's stock closed up 1.85% Friday at $45.03 each.

CEO Chuck Robbins, who took the reins in 2015, is also viewed by many as a positive force for the 34-year-old networking firm. On a call with Action Alerts Plus members on Thursday, Jim Cramer explained why he's bullish on Cisco.

"Cisco right now is perhaps my most favorite stock in the trust and I can't emphasize enough how well the company's being run in uncertain times, in part because Robbins is taking share and taking names in cyber security and in the internet of things food chain," he said.

Cisco is expected to report earnings of 72 cents a share on sales of $12.4 billion on Feb. 13, based on a FactSet survey of 27 analysts. In the same period a year ago the company posted earnings of 63 cents a share on sales of $11.9 billion.

Cicso is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells Cisco? Learn more now.