JPMorgan Downgrades Cisco (CSCO) to Underweight
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J.P. Morgan Lowers Cisco (CSCO) to Underweight, Trims PT; Sees Lower Enterprise Spend, Macro Pressure
January 17, 2013 10:06 AM ESTJ.P. Morgan downgraded Cisco Systems (Nasdaq: CSCO) from Neutral to Underweight today, cutting its price target from $20 down to $18.
Analyst Rod Hall says the biggest concern centers around sluggish enterprise spending amid a recent J.P. Morgan CIO Survey. He believes Cisco's risk/reward profile has shifted materially to the downside. He comments, "Despite refocusing on its core businesses, streamlining its operations, prioritizing margins and earnings over revenue growth and becoming more shareholder friendly (dividends,... More
