Piper Sandler Downgrades Cisco Systems Price Target Amid Industry Growth Concerns

Cisco Systems' stock price plummeted by 4.5% on Tuesday after Piper Sandler downgraded its price target from $132 to $125, citing concerns that growth in the networking industry may be reaching a peak.

The company's quarterly revenue increased 17.6% year over year to approximately $17.25 billion, beating analyst estimates of $16.84 billion.

Despite this strong performance, Piper Sandler maintained a 'neutral' rating on Cisco Systems and lowered its price target.