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UPDATE: Barclays Downgrades Cisco Systems

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On Tuesday, Barclays downgraded Cisco (NASDAQ: CSCO) from Overweight to Equalweight and lowered the price target from $25 to $23.

Shares could remain “range-bound” over the next year due to “uneven demand trends, secular headwinds, and a lack of major catalysts,” said Barclays analyst, Ben Reitzes.

Reitzes sees “support” for the stock in the low $20 range due to the company's dividend yield.

The analyst believes it is “unlikely for the shares to re-rate higher until it becomes clear that the company can successfully execute on its major product transitions and fully participate in Cloud and software defined networking (SDN).”

Shares of Cisco are down 0.9 percent to $21.31 in Tuesday's pre-market trading.

Latest Ratings for CSCO

DateFirmActionFromTo
Apr 2016JP MorganUpgradesUnderweightNeutral
Apr 2016Bank of AmericaDowngradesBuyNeutral
Mar 2016RBC CapitalAssumesOutperform

View More Analyst Ratings for CSCO
View the Latest Analyst Ratings

Posted-In: Barclays Ben ReitzesAnalyst Color Analyst Ratings Tech

 

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