As Cisco Systems, Inc. (NASDAQ:CSCO) shares have been experiencing a significant run year-to-date of +15%, Wells Fargo analyst Jess Lubert still finds “many reasons to remain positive.” As such, Lubert is pounding the table on Cisco shares, reiterating an Outperform rating on CSCO, while lifting the valuation range from $33 to $35 up to $35 to $38, which represents a 13% to 23% increase from where the stock is currently trading.

Lubert believes, “We continue to recommend investors look to own the stock as we believe strength in a number of key growth markets, an improving mix of high margin software products and continued cost discipline should enable the company to at least meet the low single digit sales and earnings growth embedded within consensus over the next few years.

“Not to be overlooked, we believe evidence that Cisco is making progress transitioning its business model to include more recurring software could serve as a catalyst that drives a further rerating of the company’s shares. We believe Cisco’s valuation remains attractive, especially in-light of the company’s 3.3% yield which we think is likely to grow over the next few years,” the analyst concludes.

In light of better execution, stronger products, and attractive valuation, Lubert cites these drivers as reinforcements of a bullish forecast for CSCO.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, four-star analyst Jess Lubert is ranked #504 out of 4,158 analysts. Lubert has a 71% success rate and realizes 9.4% in his yearly returns. When recommending CSCO, Lubert earns 14.3% in average profits on the stock.

TipRanks analytics exhibit CSCO as a Buy. Based on 25 analysts polled in the last 3 months, 16 rate a Buy on CSCO, 8 maintain a Hold, while 1 issues a Sell. The consensus price target stands at $33.30, marking a 7% upside from where the shares last closed.