JP Morgan Downgrades Cisco Systems to “Underweight” (CSCO)
Cisco Systems, Inc. (CSCO) was downgraded by JP Morgan on Thursday as the analysts said the company is exposed to sluggish enterprise spending.
The analysts downgraded CSCO from “Neutral” to “Underweight” and see shares reaching $18. This target suggests a -14.4% downside to Wednesday’s closing price of $21.03.
Cisco shares were down 27 cents, or -1.28%, during pre-market trading on Thursday. The stock is up +10.34% over the past year,
The Bottom Line
Shares of Cisco Systems (CSCO) have a 2.66% dividend yield, based on last night’s closing stock price of $21.03. The stock has technical support in the $19 price area. If the shares can firm up, we see overhead resistance around the $22-$24 price levels.
Cisco Systems, Inc. (CSCO) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.