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Benzinga
Benzinga
Business
Anusuya Lahiri

Here's Why Goldman Sachs Downgraded Cisco

Cisco Goldman Sachs Nasdaq NYSE CSCO Dell Rod Hall
  • Goldman Sachs analyst Rod Hall downgraded Cisco Systems Inc (NASDAQ: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 (NYSE:DELL) as his preferred long, and he's most cautious on NetApp Inc (NASDAQ:NTAP) and Hewlett Packard Enterprise Co (NYSE: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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