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Jan. 8, 2020, 11:05 a.m. EST

Cisco's stock falls after Bank of America cuts rating, price target

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By Tomi Kilgore

Shares of Cisco Systems Inc. /zigman2/quotes/209509471/composite CSCO +0.58% slid 1.1% in morning trading Wednesday, after Bank of America Merrill Lynch downgraded the networking company, citing a lack of expected catalysts in 2020. Analyst Tal Liani cut his rating to neutral from buy, and lowered his stock price target to $52 from $56. "We do not see a major catalyst for the stock in the coming quarters, and we see several headwinds that could continue to weigh on upcoming results," Liani wrote in a note to clients. "Challenges include 2-3 quarters of difficult [comparisons], slower potential growth for campus switching, secular pressure on routing and reduced share repurchase activity." Cisco's stock has gained 7.8% over the past 12 months, while the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.04% has advanced 20.3%. He also downgraded FireEye Inc. /zigman2/quotes/204730283/composite FEYE +3.31% and Palo Alto Networks Inc. /zigman2/quotes/207599953/composite PANW +3.67% to hold from buy, but upgraded CommScope Holding Co. Inc. /zigman2/quotes/206734450/composite COMM -0.54% to buy from neutral. Shares of FireEye slumped 3.4% and Palo Alto lost 1.9%, while CommScope rallied 5.4%.

/zigman2/quotes/209509471/composite
US : U.S.: Nasdaq
$ 44.90
+0.26 +0.58%
Volume: 12.59M
May 22, 2020 4:00p
P/E Ratio
17.82
Dividend Yield
3.21%
Market Cap
$190.42 billion
Rev. per Employee
$684,933
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
24,465.16
-8.96 -0.04%
Volume: 255.66M
May 22, 2020 5:09p
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/zigman2/quotes/204730283/composite
US : U.S.: Nasdaq
$ 11.86
+0.38 +3.31%
Volume: 3.90M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.64 billion
Rev. per Employee
$259,672
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/zigman2/quotes/207599953/composite
US : U.S.: NYSE
$ 237.93
+8.43 +3.67%
Volume: 4.11M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$22.95 billion
Rev. per Employee
$484,742
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/zigman2/quotes/206734450/composite
US : U.S.: Nasdaq
$ 9.19
-0.05 -0.54%
Volume: 2.49M
May 22, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.80 billion
Rev. per Employee
$228,425
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