J.P. Morgan Reiterates Underweight Rating on Cisco Systems Following Cisco Live!

In a report published Thursday, J.P. Morgan analyst Rod Hall reiterated an Underweight rating and $18.00 price target on Cisco Systems CSCO.

In the report, J.P. Morgan noted, “We come away from Cisco Live! as convinced as we were at earnings that the company is executing well but with the same concerns over eventual SDN impacts to earnings. We see the Cat 6800 launch as evidence that Cisco continues to refocus on what matters for its business now. However, we had expected more in terms of tangible SDN products. In the end we like Cisco's execution and strategy but continue to see enterprise spending as iffy while SDN puts future EPS at risk. Reiterate Underweight.”

Cisco Systems closed on Wednesday at $24.39.