UPDATE: Stifel Nicolaus Raises PT to $24 on Cisco Systems

Stifel Nicolaus reiterates its Buy rating on Cisco Systems CSCO and raises its price target by $1 to $24 on a solid quarter for the company, with market share gains and strong execution on margins. Stifel Nicolaus says, "Strong execution, market share gains, and healthy orders globally summarized Cisco's quarter. We were particularly surprised by routing and service provider revenues and orders, where Cisco is clearly gaining share against Juniper. Switching margins are now back to where they were two years ago. Guidance was in line but had conservatism built despite positive spending by customers." CSCO closed at $20.43 on Wednesday.