Cisco Stock Dives on Piper Sandler Price Target Cut

Cisco Systems Inc. (NASDAQ:CSCO) shares are trading lower on Tuesday after Piper Sandler lowered its price target while maintaining a Neutral rating.

Piper Sandler analyst James Fish trimmed his price target to $125 from $132, keeping the overall Buy rating intact. Cisco's average price target is now at $133.86.

The bigger picture still favors the bulls, with shares holding 9% above the 200-day average near $96.55. However, the stock is currently below its shorter-term averages, including the 20-day, 50-day, and 100-day marks.

This pullback may be part of a routine correction rather than the start of a lasting reversal. Cisco's decline stands out in contrast to a Technology sector that's higher today, up 0.2% overall.