In a research report released Tuesday, Oppenheimer analyst Ittai Kidron┬áreiterated an Outperform rating on Cisco Systems, Inc. (NASDAQ:CSCO), with a price target of $32.00, as the company is scheduled to report its fiscal third-quarter earnings results next Wednesday, May 13, 2015. With Cisco shares last trading at $28.92, Kidron’s price target implies potential upside of about 11%.

Kidron wrote, “Based on our US/Europe channel checks (41 interviews) and our supply-chain analysis, we see possible upside to Street’s April-quarter estimates driven mostly by ongoing US strength. Our July checks were even more encouraging, leading us to slightly increase our July FY4Q15 quarter and FY16 estimates. Investor concerns around emerging market, carrier capex and FX are justified, but we believe Cisco has appropriately accounted for the first two and our work suggests FX headwinds have not materially impacted Cisco’s business. Product-wise, strongest trends were noted in switching and servers, and we expect security to deliver as well. Overall, we see another quarter of solid momentum and improving results amid positive product cycles.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ittai Kidron has a total average return of 0.7% and a 48.0% success rate. Kidron has a 16.1% average return when recommending CSCO, and is ranked #1875 out of 3589 analysts.

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