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Cisco: Credit Suisse cuts target price

(CercleFinance.com) - Credit Suisse has cut its target price for the Cisco share ahead of the network gear maker's quarterly earnings next month.


In a research note, the brokerage said that it has lowered its estimates for the company due to industry data and reseller checks suggesting weaker corporate demand for switching and WLAN products, on the back of increased office vacancy rates.

Credit Suisse also said that service provider routing is not expected to pick up following seven consecutive quarters of falling orders and market share loss in Americas/Asia, leading to lower routing equipment demand for network services.

The brokerage maintains its "neutral" rating on the stock, while cutting its corresponding target price to 36 dollars from 45 dollars.

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