Cisco price target lowered to $46 from $53 at Barclays

Barclays lowered the firm’s price target on Cisco to $46 from $53 and keeps an Equal Weight rating on the shares. The company delivered a solid fiscal Q1 report, but forward guidance was much lower than expected as orders continue their meaningful decline, down 20% year-over-year, the analyst tells investors in a research note. The firm reduced estimates post the print.