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CSCO

Cisco

$48.44

0.06 (0.12%)

06:06
11/14/19
11/14
06:06
11/14/19
06:06

Piper stays on sidelines with Cisco estimates needing to come down

Piper Jaffray analyst James Fish keeps a Neutral rating on Cisco Systems with a price target of $50, down from $51, after the company gave "much weaker than expected guidance." While management has called out more macro concerns as the culprit, Cisco's business cycles are also an issue, especially the Campus Switching business that is slowing and towards the end of its growth impact, Fish tells investors in a research note. Further, Routing is getting worse given the core networking pause ahead of the 5G cycle, adds the analyst. He believes investors should avoid names with exposure to Service Provider's core networking and thinks estimates for Cisco need to come down.

  • 09

    Dec

  • 10

    Dec

CSCO Cisco
$48.44

0.06 (0.12%)

11/11/19
11/11/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Qualcomm (QCOM) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst James Faucette saying the stock is up 33% since August as Qualcomm's multiple has expanded relative to other semiconductor companies, which he attributes to the market assigning a high probability of a China-U.S. trade agreement, investors becoming more comfortable in a view that the FTC case won't materially impact the company's business, and expectations for the coming of 5G. 2. Lumentum (LITE) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Meta Marshall saying operating margins have improved 300-400 basis points year-over-year since the Oclaro transaction closed and 3D sensing inventory correction issues that disrupted the trajectory last year did not repeat this year. 3. Cisco (CSCO) downgraded to Neutral from Overweight at Piper Jaffray with analyst James Fish citing a slowing macro environment across Enterprise and Service Provider, cycles hitting a peak earlier this year, a lack of a near-term catalyst, and risk to fiscal 2020 and 2021 estimates for the downgrade. 4. L Brands (LB) downgraded to Hold from Buy at Deutsche Bank with analyst Paul Trussell saying his monthly promo watch indicates promotions remain at elevated levels. 5. Expedia (EXPE) downgraded to Perform from Outperform at Oppenheimer with analyst Jed Kelly citing accelerating paid marketing, ADR pressures and Vrbo losing domestic share, all creating a tougher dynamic to sustain double-digit EBITDA growth than previously thought. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
11/12/19
RBCM
11/12/19
INITIATION
Target $56
RBCM
Outperform
Cisco assumed with an Outperform at RBC Capital
RBC Capital analyst Robert Muller assumed coverage of Cisco with an Outperform rating and $56 price target.
11/12/19
RBCM
11/12/19
INITIATION
Target $56
RBCM
Outperform
RBC Capital assumes Cisco with Outperform rating, $56 price target
As previously reported. RBC Capital analyst Robert Muller assumed coverage of Cisco with an Outperform rating and $56 price target. Cisco is in the process of shifting more of its revenue to a subscription basis, which should reduce earnings volatility, while the company currently holds about a 55% market share of the campus switch market and Muller expects it to be the top provider of enterprise networking solutions longer term.
11/14/19
SBSH
11/14/19
NO CHANGE
Target $55
SBSH
Buy
Citi keeps Buy on Cisco despite 'much worse than expected' outlook
Cisco Systems' outlook for sales growth of down 3% to down 5% year-over-year is "much worse than expected," Citi analyst Jim Suva tells investors in a post-earnings research note. While the analyst expects the stock to be under pressure in the near term, he notes that "this has happened before." In late 2017 Cisco started to guide to negative year-over-year sales growth, which lasted for four consecutive quarters of negative growth, says the analyst. He believes this could happen again. Suva, however, keeps a Buy rating on Cisco. He acknowledges the near term trends are unfavorable and consensus estimates will move lower, but in a few quarters from now, the analyst believes the "trends will inflect more positive."

TODAY'S FREE FLY STORIES

PLMR

Palomar

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  • 10

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ASAZY

Assa Abloy

$0.00

(0.00%)

20:23
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Assa Abloy rating change at JPMorgan »

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RXEEY

Rexel

$0.00

(0.00%)

20:23
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TATYY

Tate & Lyle

$0.00

(0.00%)

20:22
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AUO

AU Optronics

$0.00

(0.00%)

20:20
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AU Optronics rating change at Morgan Stanley »

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LPL

LG Display

$6.22

0.115 (1.89%)

20:17
12/08/19
12/08
20:17
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20:17
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  • 09

    Dec

ETNB

89bio

$28.38

0.86 (3.13%)

20:16
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20:16
Initiation
89bio initiated at Oppenheimer »

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ANIOY

Acerinox

$0.00

(0.00%)

20:15
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12/08
20:15
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20:15
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Acerinox rating change at Jefferies »

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BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

20:15
12/08/19
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20:15
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20:15
Conference/Events
Blueprint Medicines to hold an anlayst and investor event »

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  • 08

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TLSNY

Telia

$0.00

(0.00%)

20:14
12/08/19
12/08
20:14
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20:14
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ARWR

Arrowhead

$67.25

1.705 (2.60%)

20:13
12/08/19
12/08
20:13
12/08/19
20:13
Recommendations
Arrowhead analyst commentary at Piper Jaffray »

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

20:08
12/08/19
12/08
20:08
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20:08
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Argenx analyst commentary at Stifel »

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  • 16

    Dec

STC

Stewart

$43.16

0.28 (0.65%)

19:56
12/08/19
12/08
19:56
12/08/19
19:56
Downgrade
Stewart rating change at Keefe Bruyette »

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FAF

First American

$63.05

(0.00%)

19:55
12/08/19
12/08
19:55
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19:55
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  • 13

    Feb

PFSI

PennyMac Financial

$33.91

0.12 (0.36%)

19:54
12/08/19
12/08
19:54
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19:54
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PennyMac Financial rating change at Keefe Bruyette »

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AGIO

Agios Pharmaceuticals

$40.93

0.81 (2.02%)

18:40
12/08/19
12/08
18:40
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18:40
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Agios Pharmaceuticals analyst commentary at Piper Jaffray »

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  • 09

    Dec

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    Dec

BPMC

Blueprint Medicines

$78.50

3.92 (5.26%)

18:34
12/08/19
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18:34
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18:34
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  • 08

    Dec

  • 08

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FATE

Fate Therapeutics

$13.64

0.07 (0.52%)

18:29
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RCKT

Rocket Pharmaceuticals

$22.37

2.61 (13.21%)

18:05
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  • 08

    Dec

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ARGX

Argenx

$147.31

-2.56 (-1.71%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

18:03
12/08/19
12/08
18:03
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18:03
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ARGX

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$147.31

-2.56 (-1.71%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

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  • 08

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  • 16

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    Jan

BLUE

Bluebird Bio

$79.51

-1.24 (-1.54%)

, JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

17:58
12/08/19
12/08
17:58
12/08/19
17:58
Recommendations
Bluebird Bio, Johnson & Johnson, Amgen, Bristol-Myers, Regeneron analyst commentary at Piper Jaffray »

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BLUE

Bluebird Bio

$79.51

-1.24 (-1.54%)

JNJ

Johnson & Johnson

$140.36

0.79 (0.57%)

AMGN

Amgen

$233.74

0.3 (0.13%)

BMY

Bristol-Myers

$59.94

0.435 (0.73%)

REGN

Regeneron

$372.26

4.02 (1.09%)

03/08/13
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  • 08

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  • 21

    Jan

BGNE

BeiGene

$186.89

-2.3 (-1.22%)

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  • 09

    Dec

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LLY

Eli Lilly

$119.59

-0.175 (-0.15%)

16:34
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  • 08

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BMY

Bristol-Myers

$59.94

0.435 (0.73%)

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  • 08

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QURE

uniQure

$66.06

1.5 (2.32%)

16:26
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  • 09

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