JPMorgan analyst Samik Chatterjee maintained an Overweight rating on Cisco Systems and raised his price target to $59 following the company's better-than-expected Q4 results, citing a "favorable" outlook for Cisco's positioning in software capabilities, which he feels are well aligned to the transformation in the industry from primarily proprietary hardware to proprietary software adding flexibility and agility to the network. The analyst also tells investors in a research note that he believes Cisco's extensive software capabilities and recurring subscription based-revenue additionally call for a re-rating in the shares, which have historically traded at discount to software companies and to the market multiple despite a strong earnings outlook.