UPDATE: Auriga Raises PT to $24 on Cisco, Maintains Buy

Auriga reiterates its Buy rating on Cisco

and raises its price target up $2 to $24 as the company should benefit from improving product cycles and strength in Enterprise and the public sector. Auriga says, "Our analysis/checks suggest that CSCO is benefiting from a stronger enterprise/public sector spending environment and also improving product cycles in multiple segments. In our view, CSCO's top- and bottom-line growth targets are looking increasingly conservative; we now expect the company to grow earnings at 10% CAGR over the next five years. For FY12/FY13, we raise our estimates as we expect CSCO to gain market share in multiple segments like switches, routers, set-top boxes and servers." CSCO closed at $19.83 a share on Monday.