UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Cisco Systems

In a report published Monday, Deutsche Bank reiterated its Buy rating on Cisco Systems CSCO, and raised its price target from $22.00 to $24.00. Deutsche Bank noted, “New switching portfolio - potential upside catalysts to FY13/14 growth story. We comment on Cisco's new switching platforms: positive catalysts in our view to the co.'s FY13/14+ growth story. The new campus switch – Catalyst 3850 - integrates a WLAN controller, enabling Cisco to leverage strength in enterprise wireless to accelerate campus switch upgrade cycle. The new 40GE datacenter switch introduces a ‘Leaf Spine' topology in datacenters, helping to accelerate higher ASP 10/40GE switch sales. Reiterate Buy and note a modest consensus view and directionally up year for IT spending. Raise PT to $24; reflecting our conviction on Cisco's n/t growth opportunities.” Cisco Systems closed on Friday at $20.57.