UPDATE: Auriga Lowers PT on Cisco Systems to $16

Auriga is out with its report today on Cisco Systems

, lowering its PT from $19 to $16. In a note to clients, Auriga writes, "We maintain our Hold Rating on Cisco, but reduce our price target to $16 from $19 as we expect growth and margin pressures to continue due to commoditization trends in switching and intensifying competition in routing. We continue to believe that commoditization of switching is a long-term trend, which will negatively impact CSCO's gross margins for an extended period of time." Shares of CSCO closed Friday at $14.93.