Nomura Instinet analyst Jeffrey Kvaal downgraded Cisco Systems to Neutral from Buy with an unchanged price target of $50. The stock closed yesterday up 5c to $47.47. Strengthening information technology spending, an innovation-led refresh cycle, and a rising software mix have lifted Cisco's multiple and its shares to post-recession highs, Kvaal tells investors in a research note partially titled "Well Understood Story." However, the analyst believes "some tailwinds," notably IT spending strength, may reverse in 2019 "to reveal imperfections in Cisco's story." In short, Kvaal expects "Cisco to fire on fewer cylinders in 2019."