UPDATE: J.P. Morgan Lowers PT on Cisco Systems Following In-Line FQ4 Results

In a report published Thursday, J.P. Morgan analyst Rod Hall reiterated a Neutral rating on Cisco Systems CSCO, but lowered the price target from $26.00 to $24.00.

In the report, J.P. Morgan noted, “Cisco reported in line FQ4 results but then proceeded to perplex us by indicating solid underlying trends, guiding a touch weak and announcing a 4,000 person restructuring. On closer inspection we believe that the restructuring is a smart effort to redirect opex to growth opportunities. The guidance is more of an issue for us as we believe it reflects uncertainty in a mixed macro environment. We expect the shares to be down tomorrow but, given strong underlying trends, believe CSCO is likely to recover losses and trade better in late 2013 as enterprise and carrier spending trend upward. Reiterate Neutral.”

Cisco Systems closed on Wednesday at $26.38.