CS First Boston maintains buy on Cisco (CSCO).
Analyst Lissa Bogarty says the gist of restructuring is the elimination of former lines of business structure -- Enterprise, Service Provider, Commercial -- and the centralization of engineering and marketing. She believes these actions make no big changes operationally.
However, Bogarty finds the company's comments about orders reassuring, even though she's not looking for upside. She says the stock is expensive on her numbers, but is at the low end of a trading range, and she sees a rally if there are signs of a macro pick-up. Bogarty has a $25 target.