Morgan Stanley Believes Orders and Enterprise Growth Look Compelling for Cisco Systems - Cisco Systems (NASDAQ:CSCO)

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In a report published Thursday, Morgan Stanley analyst James E. Faucette reiterated an Overweight rating and $30.00 price target on

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Cisco Systems

(NASDAQ: CSCO).In the report, Morgan Stanley noted, “Cicso reported strong growth in enterprise and response to its newest products continues to build. We are encouraged that the customer count for new Nexus 9K is ramping and initial traction for the ACI software looks promising.We estimate that total enterprise revenue was up 9% YoY vs. our estimate of enterprise being down 4%. Product book to bill was above 1 and product backlog grew to $5.4B (vs. $4.9B at the end of FY13), while commercial and enterprise orders grew 15% YoY in the July qtr, with those segments being up 17% and 16% respectively in the US. EMEA commercial grew 7% and EMEA enterprise growth was 8%.”Cisco Systems closed on Wednesday at $25.20.