Shares of Cisco Systems are down 4.4% since the May 16 earnings report, JPMorgan analyst Samik Chatterjee tells investors in a research note. He sees Cisco trading at an attractive valuation relative to a peer group of hardware and software companies, "particularly when viewed in the context of an increasing mix of software and recurring revenues." Cisco's transition to software and subscription sets the company up for higher earnings growth, better cash flow metrics, and further multiple re-rating, Chatterjee contends. He keeps an Overweight rating on the shares with a $58 price target.