Cisco Systems Downgraded To Neutral: B Of A Analyst Expresses Concern Over High Street Estimates
Portfolio Pulse from Lekha Gupta
Bank of America Securities analyst Tal Liani downgraded Cisco Systems Inc. (NASDAQ:CSCO) to Neutral from Buy at a price target of $56. The analyst expressed concern over high street estimates for CSCO's product revenue growth, which he believes are much higher than the historical range. Liani reduced the estimate for product revenue to $43.3 billion in 2024 and $42.8 billion in 2025, 2% and 6% below the Street consensus, respectively. CSCO shares are trading lower by 2.48% at $50.83.
July 12, 2023 | 5:39 pm
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NEGATIVE IMPACT
Cisco Systems has been downgraded to Neutral from Buy by B of A Securities due to concerns over high street estimates for product revenue growth. The stock is currently trading lower.
The downgrade by B of A Securities is based on concerns over high street estimates for Cisco's product revenue growth. This negative sentiment from a major analyst could lead to a decrease in the stock's price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100