In a report published Thursday, Sterne Agee analyst Alex Kurtz reiterated a Buy rating on Cisco Systems CSCO, but lowered the price target from $28.00 to $25.00.
In the report, Sterne Agee noted, “Cisco along with other big cap tech vendors is experiencing new levels of volatility within emerging markets that appear to be consistent across these geographies. Ultimately we view these setbacks as non-secular and believe the stock can find refuge in the 7-8x forward PE range with upside to 9x as better comps, $15B in new buyback, and a lowered bar on FY2015 provide room for the stock to recover in the next few months. PT $25 from $28.”
Cisco Systems closed on Wednesday at $24.00.
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