Deutsche Bank Lowers Price Target On Cisco (CSCO)

Deutsche Bank is lowering its price target on Cisco Systems, Inc.

, and is downgrading the stock as well, based off poor earnings guidance. In a research report sent to investors, Deutsche Bank writes, "Cisco reported Q1 revenues of $10.75b; in-line with our estimate and consensus. PF EPS of $0.42 met our estimate and beat consensus of $0.40. However, citing pockets of weakness, management guided below expectations. While we still believe the company has a strong technology roadmap, we are concerned about near-term stability and are lowering our rating to hold. Lowering PT from $28 to $22." Shares of CSCO lost 37 cents on Friday to close at $20.15, a loss of 1.8%.