Cisco Systems shares fell in pre-market trading Monday, after getting a rating downgrade from Piper Jaffray.
Analyst James Fish at Piper Jaffray lowered his rating on the technology/networking hardware company to neutral from overweight. Fish also cut his price target to $51, down from $55.
Fish cited slowing macro environment across Enterprise and Service Provider, cycles hitting a peak earlier this year, and inadequate near-term catalyst, and risk to fiscal 2020 and 2021 estimates as factors behind the downgrade.
Howver, the analyst did mention "fairly limited” downside risk to the shares, and 2021 catalysts including the rollout of 5G and 400G switching.