UPDATE: Deutsche Bank Raises PT to $22 on Cisco Systems on In-Line Q1

Deutsche Bank reiterated its Buy rating on Cisco Systems

and raised its price target from $21 to $22. Deutsche Bank commented, "The inline Q1 guide ($12.05B / $0.47 on the mid point); B/B below 1.0x is indicative of gradually improving IT spending trends, heading into CY13; noted in strength of the US Enterprise and Telco orders. We see Cisco as a fundamentally sound business; exposed to solid growth themes: BYOD, 4G/WiFi, Private Clouds, etc and see modest out-performance in the stock, based on potential for modest upside to view from the product cycle themes." Cisco Systems closed at $16.85 on Tuesday.