UPDATE: Goldman Sachs Raises PT to $22 on Cisco Systems

A report from Goldman Sachs reiterates its Buy rating and raises its price target from $21 to $22 on Cisco Systems CSCO. The report states, “We reiterate our Buy rating, as Cisco's solid quarter supports our view that the stock is likely to outperform driven by (1) upside to Street EPS over the next year on higher revenues and margins, and (2) multiple expansion, as the market backs away from its overly negative view of Cisco's competitive position and margin trajectory." CSCO closed yesterday at $17.61.