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UPDATE: JP Morgan Downgrades Cisco Systems to Underweight on Sluggish Enterprise Spending

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JP Morgan downgraded Cisco Systems (NASDAQ: CSCO) from Neutral to Underweight and lowered the price target from $20.00 to $18.00.

JP Morgan said, "We believe Cisco is exposed to sluggish enterprise spending. We also see Cisco's risk/reward profile as more challenged at the current share price. Despite refocusing on its core businesses, streamlining its operations and prioritizing margins and earnings over revenue growth, we believe positive investor sentiment and Cisco's shares have gotten ahead of themselves. We believe investors should be using Cisco as a source of funds from current levels."

Cisco Systems closed at $21.03 on Wednesday.

Latest Ratings for CSCO

DateFirmActionFromTo
Oct 2014Atlantic EquitiesInitiates Coverage onOverweight
Aug 2014BarclaysMaintainsEqual-weight
Aug 2014Stifel NicolausMaintainsBuy

View More Analyst Ratings for CSCO
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

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