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Cisco (CSCO) Stock Increases, Price Target Raised at Barclays

NEW YORK (TheStreet) -- Shares of Cisco Systems (CSCO) were advancing in mid-morning trading on Monday as Barclays increased its price target to $34 from $31 on the stock this morning.

The firm maintained its "overweight" rating on the San Jose, CA-based technology company but raised its 2017 earnings estimates to $2.44 per share from $2.42 per share based on stronger gross margin assumptions.

Barclays noted that Cisco's EBITDA multiples could increase even further as large cap investors look for stable margin and cash flow stories with less cloud disruption risk.

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