Wedbush Raises EPS Estimates on Cisco Systems

A report from Wedbush reiterates its Outperform rating and $20 price target, and raises its FY12/13 EPS estimates from $1.72/$1.94 to $1.77/$1.95 on Cisco Systems CSCO. The report states, “We maintain our OUTPERFORM rating given compelling valuation and continued signs of traction with the turnaround but we think near-term performance will remain volatile given current macro concerns. The company posted another solid quarter as earnings appear to be on a renewed upswing given Q1 results which beat expectations on the top and bottom line." CSCO closed yesterday at $17.61.