Raymond James analyst Simon Leopold has downgraded Cisco Systems Inc (NASDAQ:CSCO) to Market Perform from Outperform, citing concerns over declining campus application sales and the pending $28 billion Splunk acquisition. The analyst anticipates a worse-than-seasonal sales decline in Cisco's January quarter and sees restrained IT spending due to a sluggish macroeconomic environment and higher interest rates. However, he sees AI as an emerging tailwind for the company's multi-year growth.