Goldman Sachs ♥’s Cisco

Despite Cisco’s own lack of self-confidence, at least somebody’s rooting for the little guy*: Reuters reports that Goldman Sachs has named the networking giant one of its favorite technology companies, and it said chances were good that sunnier days lie ahead despite Cisco CEO John Chambers saying it will be over a year before the company sees a sales rally.

[Goldman analyst Simona Jankowski] said Cisco could exceed its own estimates and the company’s financial analyst conference on September 16 could provide a “positive catalyst.”

“Despite a cautious near-term view of the business driven by the macro environment, we expect management to maintain its bullish long-term 12 to 17 percent growth outlook, and provide details around its strategy, product roadmap and business positioning that could bolster investors’ confidence in those targets,” she said.

Part of the good news? What Jankowski said was a surprise jump in the number of companies expected to increase networking equipment spending this year, 54 percent from 42 percent.

*Little for a multinational communications conglomerate.