Cisco Systems Inc. shares CSCO,
11.6% were eliminated in trading Thursday morning after the company reported declining fiscal-quarter revenue and posted a downbeat outlook for the current period. The stock is on course for its worst one-day percentage since February 10, 2011, when it dropped 14.2%. “Guidance for the October quarter was the issue,” wrote Barclays analyst Tim Long, “raising concerns that CSCO’s relative resilience may decline so far as the effects of the pandemic continue into FY21.” He wrote about his concerns about Cisco’s commercial ordering trends as the company continues to see delays in spending. Lang has a neutral rating and $ 50 price target on the forefront. RBC Capital Markets analyst Robert Muller kept his outperforming rating on the stock market, pushing his price target to $ 48 from $ 47, but warned of “choppiness” in the long term. “While we believe that favorable tailwinds and leading positioning across its business lines set the stage for a favorable return of the pandemic, uncertainty regarding timing leads us to express our expectations for growth,” Muller wrote. Cisco shares have risen 1.5% over the past three months compared to the Dow Jones Industrial Average DJIA,
has received 20%.
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