UPDATE: JP Morgan Downgrades Cisco

In a report released Monday, JP Morgan analyst Rod Hall downgrades Cisco System

from Neutral to Underweight, lowering price target to $17. The report notes, "We believe that weakness in Emerging Markets Service Providers called out by CSCO in their QTR earnings report combined with delayed spending in the switching market driven by SDN are negatives." CSCO previously closed Friday at $22.20 and is currently trading down around $22.