- Goldman Sachs analyst Rod Hall downgraded Cisco Systems Inc CSCO to Neutral from Buy with an unchanged price target of $65, suggesting an upside of 8.82%.
- The analyst says the shares are approaching the price target while his fundamental outlook "is now in line with consensus."
- Hall continues to see Cisco's ongoing Cat 9K refresh and increased campus networking demand as "tailwinds."
- Hall believes this is now more balanced by "broader demand headwinds."
- In terms of value technology stocks, Hall continues to flag Dell Technologies Inc DELL as his preferred long, and he's most cautious on NetApp Inc NTAP and Hewlett Packard Enterprise Co HPE.
- Price Action: CSCO shares traded lower by 1.67% at $58.73 in the premarket session on the last check Wednesday.
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