UPDATE: Cantor Fitzgerald Reiterates Buy Rating, Lowers PT on Cisco Systems on Greater-Than-Expected Weakness

In a report published Thursday, Cantor Fitzgerald analyst Brian J. White reiterated a Buy rating on

, but lowered the price target from $29.50 to $26.00. In the report, Cantor Fitzgerald noted, “Last night, Cisco Systems delivered profit upside in 1Q:FY14 but missed on revenue, while offering up a tough 2Q:FY14 outlook. Given the soft tech results this earnings season, we expected a cautious outlook on the call, but the weakness discussed by Cisco was extreme. The company is pointing the finger at weakness in emerging markets and at service providers. Recall, Cisco was early in experiencing weakness in the financial vertical before the 2008-2009 financial crisis and called out a slowdown in the public sector in 2010, again well ahead of its peers. Now, Cisco is crying the blues over emerging markets. We wonder if this is indicative of a broader economic downturn on the horizon, a backlash toward U.S.-based IT vendors in light of the NSA fallout, or Cisco's fault?” Cisco Systems closed on Wednesday at $24.00.