Analyst Round-up Following Cisco Results
Investors were clearly not happy with the dismal results, which casts a shadow over CEO John Chamber's turnaround plan. CNBC's Jim Cramer described the earnings as “The worst quarter for any Dow stock this year” and indicated his charitable trust is going to sell its Cisco position.
Analysts views and price targets were somewhat mixed on the company, with ratings varying from Underperform to Buy. The general consensus, however, is a bearish view.
•Credit Suisse Group AG (NYSE: CS) maintained its Underperform rating, lowering the price target to a Street low of $20, down from $21.
• Goldman Sachs (NYSE: GS) maintained a Buy rating but removed the company from its “Conviction Buy List.” The analysts lowered its price target to $25, down from $30.
•Wedbush downgraded the company to Neutral from Outperform, also lowering its price target to $23, down from $26.
•Bank of America Merrill Lynch (NYSE: BAC) maintained its Buy rating while cutting its price target to $25, down from $30.
•Sterne Agee maintained its Buy rating while cutting its price target to $25, down from $28.
•Oppenheimer maintained its Outperform rating while cutting its price target to a Street high $27, down from $25.
Shares of the tech heavyweight were lower by more than 12 percent going into Thursday's afternoon trading session. The Nasdaq 100 Index was trading slightly lower by 0.1 percent. Cisco represents approximately 3.36 percent of the Index.
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