UPDATE: JP Morgan Raises Pt to $20 on Cisco Systems Following Dividend Raise

JP Morgan increased its price target on Cisco Systems

while reiterating its Overweight rating on shares. JP Morgan said, "Cisco surprised us with a material boost to its dividend prior to resolution of the international cash repatriation issue. The company also delivered a solid set of results which beat our EPS forecast by $0.02. Guidance was more mixed but we thought economic commentary was less negative – particularly for the US. Longer term John Chambers remains cautious but current indications seem to be a little better than expected. On our new increased forecasts the stock trades on a very reasonable cash adjusted PE of 6x and is executing well. Reiterate Overweight." Cisco Systems closed at $17.35 on Wednesday.