UPDATE: Cantor Fitzgerald Downgrades Cisco Systems to Hold, Lowers PT

In a report published Wednesday, Cantor Fitzgerald downgraded its rating on Cisco Systems

from Buy to Hold, and slightly lowered its price target from $20.50 to $19.50. Cantor Fitzgerald noted, “We are downgrading Cisco shares from BUY to HOLD while lowering our price target to $19.50 from $20.50. Following a multiple-led 26% appreciation from the lows of July 12th, we view there to be mounting evidence to support risk that the recovery thesis is delayed another one to two quarters. Absent positive estimate or multiple bias over this period, we view the shares as likely range-bound.” Cisco Systems closed on Tuesday at $18.85.