UPDATE: Wunderlich Securities Reiterates Buy Rating, Lowers PT on Cisco Systems on Confluence of Challenges for F2014

In a report published Thursday, Wunderlich Securities analyst Matthew S. Robison reiterated a Buy rating on

, and lowered the price target from $28.00 to $25.00. In the report, Wunderlich Securities noted, “With orders and pipeline of near-term opportunity down, Cisco (CSCO) management is guiding more than 10% below prior expectations for F2Q14. Headwinds are due to product line transitions and competition for low-end service provider offerings, as well as demand dislocation in emerging markets and, to a lesser degree, federal budgeting. We expect overseas recovery as China progresses through political transition and NSA controversy fades from influence on demand for U.S. information technology. With estimate reductions we are reducing our price target to $25 from $28. Shares responded to earnings call commentary by trading down more than 10% to $21.53 in after-hours trading yesterday evening. We maintain our Buy recommendation.” Cisco Systems closed on Wednesday at $24.00.