UPDATE: Stifel Nicolaus Raises PT on Cisco Systems Following Analyst Day

In a report published Thursday, Stifel Nicolaus analyst Sanjiv Wadhwani reiterated a Buy rating on Cisco Systems CSCO, and raised the price target from $25.00 to $28.00.

In the report, Stifel Nicolaus noted, “Our key takeaway from the analyst day at Cisco Live was the fact that the company seems to have gotten its R&D momentum back, with a series of product and architecture announcements. Some of these will allow the company to maintain its market-leading share and some of these announcements establish Cisco as the leader in the emerging market of SDNs. While we did not incrementally come away with new financial information, the energy and confidence of Cisco's customers shows that the company is seeing positive momentum. And customer/partner attendance was up to 20,000, double from five years ago, showing that customers are increasingly relying and turning to Cisco and viewing the company as a strategic partner.”

Cisco Systems closed on Wednesday at $24.39.