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Pac Crest's Brent Bracelin has upgraded Cisco (CSCO +6.4%) to Buy in response to its solid FQ1...

Pac Crest's Brent Bracelin has upgraded Cisco (CSCO +6.4%) to Buy in response to its solid FQ1 results and FQ2 guidance. Cisco "could grow in 2013 and have stable to improving gross margin for the first time in two years," thinks Bracelin. Piper likes Cisco's sales execution and cost controls, and FBN notes shares trade at 5x EPS exc. cash. Europe is still a concern for many. FFIV +4%. JDSU +2.7%. XLNX +2.8%. BRCM +1.8%. CAVM +6.9%. FTNT +3.3%. ARUN +4.6%.  (CC comments: I, II) (transcript)
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