Cisco hasn't been this cheap in 10 years so time to buy, Morgan Stanley says

Cisco's Chairman and CEO Chuck Robbins speaks to participants during the Viva Technologie show at Parc des Expositions Porte de Versailles in Paris on May 24, 2018.
Chesnot | Getty Images

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Shares of information technology giant Cisco are as cheap relative to the rest of the market as they've been over the past decade and investors should take advantage, Morgan Stanley said in a new client note. 

The discount between the stock's price-to-earnings ratio relative to that of the S&P 500 is at the biggest in 10 years, the bank said. 

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