UPDATE: Barclays Downgrades Cisco Systems, Inc. to Equalweight, Lowers PT to $23.00

On Tuesday, Barclays downgraded Cisco

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.