Stocks
Cisco Stock Drops 5% After Piper Sandler Cuts Price Target
Cisco's stock price dropped by about 5% on Tuesday after Piper Sandler cut its price target to $125 from $132, citing concerns over industry growth.
The downgrade comes despite Cisco's strong recent operating results, including a fourth-quarter revenue of $17.25 billion that beat the LSEG estimate of $16.8 billion.
Analysts expect single-digit sales growth going forward, which may be contributing to the weaker market reaction after the earnings report.