Cisco Systems (CSCO) shares have stepped down a flight of stairs, with drops of 5% or more on August 11, November 10, 2010 and February 9, 2011, respectively. In the last few months, Cisco has maintained its characteristic M&A binge, buying NewScale, Inlet Technologies, and Pari Networks. The company has been one of a few tech giants to initiate a dividend. After a pop following the dividend announcement, shares have ebbed lower towards the 52-week low at $16.11. Concerns surround Cisco's ability to revitalize growth and shed lower-margin businesses in which the company has involved itself.
While hot social media company names are dominating the headlines, we think Cisco offers a compelling value play. We think CEO John Chambers has a good shot at turning around the company and getting Cisco's growth engine revving again. Shares have been weak as of late, but a return to its core focus should
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