Oct-Q EPS of $0.32 vs. $0.38 is above our $0.27 estimate, on
strong revenue growth and good cost management. We think an
industry rebound is underway and view CSCO as well positioned to
capture spending opportunities that were postponed during the
downturn. We like CSCO's more aggressive approach in targeting
new market adjacencies, with new product announcements like
unified computing, and recent pending acquisitions, such as
Tandberg and Starent. We raise our FY 10 (Jul) EPS estimate by
$0.10 to $1.30. On DCF and relative analysis, we keep our
12-month target price at $28.
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