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Cisco shares fall on downgrade, worries about demand
|08 апреля 2009|
Shares of Cisco Systems Inc. fell about 5% Monday after Goldman Sachs downgraded the stock to neutral and Credit Suisse pointed to further weakness in the corporate technology market.
Shares of the San Jose-based networking gear giant were recently down 86 cents at $17.30 after Goldman Sachs reduced its rating for the company to neutral from conviction buy after the stock reached the broker's $18 price target.
Analyst Simon Jankowski maintained his "positive long-term view" on Cisco, saying the company was bound "to benefit from favorable secular trends" in the networking gear market.
But Credit Suisse analyst Paul Silverstein also noted weakness in corporate spending on communications infrastructure in a note on Cisco and rival Juniper Networks Inc.
Juniper's stock was off 5.8% to $16.05.
"Checks with industry contacts, including component suppliers and channel partners, lead us to believe that both Cisco and Juniper have seen further incremental weakness in enterprise spend on communications infrastructure," Silverstein told clients in a research note.
In another note on the communications gear sector, JMP Securities analyst Samuel Wilson said that he does not expect a full market recovery in the next six months, but he pointed to signs of improvement.
"None of the upstream signposts that we look for - that have historically suggested an upturn was on the horizon - are in place," Wilson wrote. "However, we are seeing evidence that the first signs of stability may be coming. It's early, and there is not enough evidence to draw conclusions, but at least it's not getting worse."
Источник: Total Telecom