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Cisco Systems Inc. is eliciting cheers from analysts on Thursday, after the company quelled doubts with its latest earnings report.

The networking giant beat expectations with its January-quarter resultson Wednesday afternoon, and its chief executive shrugged off some of the macroeconomic concerns that had been worrying investors going into the report. Shares were last up 2.8% at $48.85, after touching an intraday high of $49.68, a level that the stock has not closed at since December 2000, according to Dow Jones data.TimeCisco Systems Inc.Aug 18Oct 18Dec 18Feb 19Apr 19Jun 19US:CSCO$35$40$45$50$55$60

In all, Cisco’s CSCO, -2.53%  earnings commentary showed that the company has “fundamental resiliency amid fluid macro uncertainties and the company’s investment execution in core market expansion,” according to Wells Fargo analyst Aaron Rakers.

Rakers is upbeat about the company’s business-model shift, as Cisco is now generating 65% of software sales from recurring subscriptions, 10 points higher than a year ago. He upped his price target to $57 from $52 late Wednesday and maintained an outperform rating on the stock.