Drexel Hamilton issued a company note on Cisco Systems, Inc. (NASDAQ: CSCO) ahead of investor meetings with Lew Tucker, Cisco's Chief Technology Officer. The firm rates Cisco as a Buy with a $34 price target.

Analyst Brian White wrote, "In this difficult tech tape, we believe Cisco's attractive valuation and rich dividend yield (3.3 percent) offers investors one of the more defense plays in the tech sector...Given Cisco's leadership position in the networking world, cash-rich balance sheet, strong execution, and rich dividend yield we believe this represents a reasonable multiple (12x)."

Analysts at Drexel Hamilton noted that Cisco is working hard and investing to build out its cloud presence across its portfolio and expanding its Intercloud initiative. This practice, combined with developing its software portfolio may drive revenue growth and increase Cisco's profitability going forward. As cloud is becoming a focal point to the industry, Cisco is converting many of its services to the cloud including IT, which White notes may continue to accelerate in 2016 and drive growth for the company in the competitive marketplace.

In the meeting analysts will ask specifically about the company's cloud computing initiatives and enterprise software strategy going forward in 2016.

Shares of Cisco Systems recently traded at $24.71, down 2.5 percent.

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