UPDATE: Deutsche Bank Raises PT on Cisco Systems Ahead of Q4 Report

In a report published Monday, Deutsche Bank analyst Brian Modoff reiterated a Buy rating on Cisco Systems (NASDAQ: CSCO), and raised the price target from $26.00 to $28.00.

In the report, Deutsche Bank noted, “Cisco reports Aug 14. We are modeling Q4: $12.41B / 51c and Q1: $12.51B / 50c vs consensus calling Q4: $12.40B / 51c and Q1: $12.45B / 51c. Versus Consensus, we are calling for an inline to slightly positive Jul Q (strength led by Switching, Wireless, Services; some Emerging Markets weakness) and an inline to slightly positive Oct Q guide. Cisco is a Datacenter Switching, Wireless, Telco, and Advanced Services led growth story in our view, with recent acquisitions in Security, Software, and Services driving potential for upside surprises in FY14+. We raise our PT from $26 to $28 on our improved conviction on the FY14+ product cycle ramps. Maintain Buy.”

Cisco Systems closed on Friday at $26.19.