RBC Capital analyst Mitch Steves lowered his price target on Cisco (CSCO) to $53 after its "disappointing" Q1 guidance driven by the slowing macro environment and weakness in China revenues. Coupled with yesterday's weaker results from Netapp (NTAP), the analyst believes that the overall IT spending environment is slowing relative to consensus expectations, even though he still sees Cisco as a "better defensive name to own" within the hardware and networking sector. Steves is keeping his Outperform rating on the stock longer term based on its market-leading 50% share in network equipment and its ability to weather the current enterprise spending decline.