In a research report released Wednesday, Drexel Hamilton analyst Brian White reiterated a Buy rating on shares of Cisco Systems, Inc. (NASDAQ:CSCO), with a price target of $36, as the network equipment maker is expected to unveil new data center innovations during this afternoon’s press conference in NYC.  The conference will be hosted by CEO Chuck Robbins.

White noted, “We expect the news flow to provide further support for the stock. Today’s announcements are expected to focus on data center switching with an emphasis on network analytics, playing into key themes around the data center, SDN and the cloud,” the analyst added.

“In a difficult IT spending environment, Cisco has executed well and leveraged an attractive portfolio to offset this weakness as evidenced by the company’s stronger than expected quarterly report on May 18. Moreover, new product launches, the ramp of ACI, new security initiatives and new partnerships provide Cisco with another lever to pull in a soft spending environment.”

Bottom line, “We continue to view Cisco as a defensive play in a volatile market environment with a rich 3.6% dividend yield and depressed valuation at just over 9x (ex-cash) our CY:17 EPS projection.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Brian White has a yearly average return of 8% and a 55% success rate. White has an 9.6% average return when recommending CSCO, and is ranked #140 out of 3974 analysts.