Cisco Systems (CSCO) delivered a strong fiscal Q3 with order growth "solid across the board," BofA Securities said Thursday in a note.

Product orders grew 20% from a year earlier, or 9% excluding Splunk, with Telcos and Cloud orders up 32% and Enterprise orders gaining 22%, the report said.

Artificial intelligence infrastructure orders expanded by $600 million in Q3, bringing the year-to-date total to $1.3 billion, potentially exceeding the fiscal 2025 target of $1 billion by 60% to 90%, the report said.

BofA raised earnings estimates to $3.78 a share from $3.71 for 2025 with 2026 up to $4 from $3.94.

BofA maintained its buy rating on Cisco's stock with a $76 price objective.

Cisco's shares jumped 7% in recent trading Thursday.

Price: 65.58, Change: +4.29, Percent Change: +7.00