UPDATE: Deutsche Bank Cuts PT to $22 on Cisco Systems; Weak Guidance

Deutsche Bank lowers its price target from $24 to $22 on Buy-rated Cisco Systems CSCO following a weak guide to FQ4 Deutsche Bank comments, "Good results. The weak Q4 guide ($11.59B / $0.45 on the mid point) is indicative of near-term macro-driven uncertainty in enterprise IT spending. We see Cisco a fundamentally sound business; treading cautiously, and see modest out-performance in the stock, based on potential for improving demand in 2H+." CSCO closed at $18.78 on Wednesday.