Cisco price target raised to $40 from $36 at Citi

Citi analyst Jim Suva raised his price target for Cisco Systems to $40 saying the company last night reported “solid” results with a “much better than expected” outlook. Sales are set to grow for the first time in over a year in the January quarter, Suva tells investors in a post-earnings research note. He believes the stock could see a “valuation rerating higher” as Cisco returns to growth. The analyst reiterates a Buy rating on the shares. Cisco in pre-market trading is up 5%, or $1.77, to $35.88.