Cisco upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Rod Hall upgraded Cisco Systems to Buy from Neutral with a price target of $59, up from $50. The prospect of increased enterprise spending on campus networking to enable a video conferencing heavy return to offices “presents opportunity for fundamental upside,” Hall tells investors in a research note. The analyst expects a better IT spending environment by the middle of this year and notes that Cisco’s own order rate also suggests recovery with total orders up 1% year-over-year after having declined for five straight quarters.