Cisco (CSCO-Q)

Still likes it. He model $73.15 and further upside. If there's deflation in the US, this will fall to $39. Pays a 3.2% yield.

He divides tech into two groups. One has high multilples and high growth with less profitability, which can cause difficulties. The other comprises value type stocks which are less impacted by rising rates. An example of this is Cisco at 14X earnings which it has grown consistently. It also has a growing dividend, now at about 3%. Not a big growth stock though. His company has only a 7% exposure to tech.

Remains a stock that performs in a weak economy, which he expects for late this year. Since 1990, has outperformed in recessions. Subscription revenues now stand at 43% of overall and growing faster than overall. It's resilient. Valuation is fair and pays a decent dividend.

Great value and good PE. Their core software business deserves a higher margin. It's a higher-growth story than people think.