Stocks
Cisco Stock Plummets After Piper Sandler Downgrade
Cisco Systems' stock plummeted 5.7% on Tuesday to close at $105.11 after Piper Sandler cut its price target for the communication equipment giant.
The analyst firm downgraded Cisco's stance to Neutral while trimming its price target to $125 from $132, representing a 5.3% reduction.
The move is driven by concerns that Cisco faces in navigating a shifting landscape for enterprise networking and communication infrastructure.
Cisco changed hands at 12.2M shares on Tuesday as market participants digested the downgrade and reassessed their positions.