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"Considering the extended time horizon and the lack of urgency to own the shares for this year's investment horizon, our price target moves to $27 based on multiple compression," RBC wrote. The firm previously had a $29 target.
RBC kept its outperform rating on the company, saying that despite the challenging environment, the company was executing well across its near-term metrics. "Revenue diversification across multiple segments, new market entry and share gains are enabling Cisco to outmaneuver its peers," it said.
UBS cut its price target on Cisco to $25.50 from $27, saying that European and U.S. enterprise spending was slowing.
"While still a month to go in current quarter, given the sluggish enterprise booking trends, and a tough macro environment, we would not be surprised to see Cisco guide flat-to-down sequentially for the fourth quarter given historical seasonality in challenging times," UBS said.
JPMorgan said Cisco stock didn't "work" until year-over-year revenue growth had sustainably accelerated. The firm lowered its 2009 first-half revenue growth outlook to 9% from 11% and said it could take longer for demand to rise again.
Shares of Cisco closed Tuesday at $22.88 but fell 2.8% to $22.23 in premarket trading on Wednesday. Ryan Vlastelica rv/pc
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