Cisco Systems Inc. (NASDAQ: CSCO) is back from the grave. Suddenly John Chambers is no longer getting routine calls to step aside to let new blood run the company. Today cam word that UBS has raised the rating to “Buy” from “Neutral.”
UBS is following what many other analysts have done with this upgrade. The stock got too cheap. Actually, it got way too cheap. The verdict is still out over its streamlining effort of job cuts and cost cutting measures. UBS noted that it was channel checks showing solid demand in the U.S. along with some stabilization in the European spending climate.
More than a week ago Cisco was started as Buy at ISI Group, and we have seen upgrades in the last 75 days or so from firms like Auriga, RBC Capital, FBN Securities, Morgan Stanley, and Stifel Nicolaus.
Cisco shares are up 4.5% at $18.40, its highest level since early March, and its 52-week range is $13.30 to $24.60. See the chart below from StockCharts.com.
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