UPDATE: Citi Upgrades Rating to Buy and Raises PT to $22 on Cisco Systems

A report from Citi upgrades its rating from Neutral to Buy and raises its price target from $19 to $22 on Cisco Systems CSCO. The report states, “Led by solid execution, accelerating order growth and balanced strength across geographies, Cisco's 1Q'12 results beat expectations on nearly every metric. With the bar for 2Q set relatively low, its core business inflecting, and a upward bias to estimates (and limited downside EPS risk), we believe Cisco is setting up for both top-line growth reacceleration and margin stabilization, which in-turn will likely lead to multiple expansion for the stock." CSCO closed yesterday at $17.61.