Wells Fargo analyst Jess Lubert shares perspective on Cisco Systems, Inc. (NASDAQ:CSCO) after meetings over the past few days with SVP and GM of Networking and Security David Goeckeler as well as with Senior Manager of IR Carol Villazon.

The analyst notes on back of these meetings a focused strategy on capturing an increase in software revenue through new subscription services that the networking equipment maker offers to maximize the prospects of its installed base. From Lubert’s perspective, “We think Cisco’s strategy is resonating in security and helping the company recapture share.”

As such, the analyst reiterates an Outperform rating on shares of CSCO with a valuation range of $35 to $38, which represents just under a 13% to a 22% increase from where the stock is currently trading.

“In addition to potentially opening new high margin revenue streams, we think the sale of more software could serve as a catalyst that drives incremental hardware refresh activity. Following our meetings, we remain positive on Cisco shares as we continue to believe strength in several key growth markets, incremental software opportunities and strong cost controls will enable the company to deliver the improved results we think are needed for the stock to work,” Lubert concludes.

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, four-star analyst Jess Lubert is ranked #512 out of 4,172 analysts. Lubert has a 74% success rate and garners 9.3% in his annual returns. When recommending CSCO, Lubert realizes 13.4% in average profits on the stock.

TipRanks analytics indicate 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 nearly 7% upside from where the shares last closed.