Piper Jaffray analyst Troy Jensen is more cautious on Cisco's near-term outlook following checks with resellers and his firm's Q4 Networking survey. Cisco did not see the seasonal budget flush it traditionally experiences at the end of the calendar year, Jensen tells investors in a research note. He believes the company will guide below Q3 Street estimates when reporting its fiscal Q2 results. The analyst lowered his estimates for Cisco and dropped his price target for the shares to $30 from $31. Jensen keeps an Overweight rating on the name, however, believing the company continues to benefit from a switching upgrade cycle that "should sustain for several more quarters."