Shares of Cisco Systems  (CSCO)  were climbing Monday after Barclays analysts increased their price target to $34 from $31 a shares of the San Jose, Calif.-based tech giant. Barclays maintains an "overweight" rating on Cisco, but raised its 2017 earnings estimates to $2.44 per share from $2.42 per share, noting the potential that earnings multiples could increase as investors look for safe harbors in companies with relatively steady cash flows. Analysts also highlighted Cisco's ability to "support cloud build-outs from an infrastructure perspective," noting the burgeoning cloud-based Web ecosystem is creating a new landscape of growth opportunities for companies like Cisco. (Cisco shares are held in Jim Cramer's Action Alerts PLUS charitable trust.)

Employees of TheStreet are restricted from owning individual securities.

Action Alerts PLUS, which Cramer co-manages as a charitable trust, is long Cisco stock.

More from Video

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Here's One Reason Why the Markets Have Become Resilient to Trade Worries

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: Walmart, Nike and FedEx Point to a Strong US Economy

Jim Cramer: The US Has Leverage Over China

Jim Cramer: The US Has Leverage Over China

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Jim Cramer Talks China, Walmart, Nike, FedEx and More

Wall Street Is Probably Too Optimistic on Stocks, Sell Now

Wall Street Is Probably Too Optimistic on Stocks, Sell Now