Cisco price target lowered to $54 from $58 at Deutsche Bank

Deutsche Bank lowered the firm’s price target on Cisco Systems to $54 from $58 and keeps a Hold rating on the shares post the Q1 report. The analyst expects Cisco shares to come under pressure following the “disappointing” order trends that drove a cut to the firm’s fiscal 2024 estimates. Cisco emphasized that the product order weakness in fiscal Q1 and expectations for near-term softness are unrelated to macro headwinds or share loss, the analyst tells investors in a research note.