Just how real is the technology stock recovery? Wall Street will issue a verdict of sorts today when Cisco Systems announces its earnings after the markets close.

The buzz is that Cisco will meet or beat 15 cents in earnings as forecast by analysts. Cisco stock closed at $21.58 on Tuesday after reaching a 52-week high earlier in the day at 26 $21.85.

Cisco Chairman John Chambers said in September that sales were doing quite well, and analysts said the trend apparently continued into October as the economic recovery continued to gain strength.

“It’s likely they’ll have positive guidance for next quarter, but you will probably hear them try for their usual measured outlook,” Steve Kamman, an analyst at CIBC World Markets, told The Street.com. “It will be interesting to see how the market interprets (Cisco’s news). I think overall tone will suggest a reasonable return to some spending recovery — but not a return to bubble-era euphoria.”

Cisco: www.cisco.com