Cisco Systems Inc. was downgraded on Thursday to underweight from neutral at J.P. Morgan Chase, which also reduced its price target on the stock to $18 from $20
The brokerage said that Cisco is exposed to sluggish enterprise spending
"Despite refocusing on its core businesses, streamlining its operations and prioritizing margins and earnings over revenue growth, we believe positive investor sentiment and Cisco's shares have gotten ahead of themselves," J.P. Morgan analysts wrote in a note
"We believe investors should be using Cisco as a source of funds from current levels."
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