Cisco resumed with Neutral from Overweight at JPMorgan

JPMorgan analyst Samik Chatterjee downgraded Cisco to Neutral from Overweight with a price target of $53, down from $62, after resuming coverage of the shares following a period of restriction. The analyst sees a favorable near-term setup with moderating incremental headwinds in the networking market and a discounted relative valuation in the context of the re-rating of the group. However, the firm believes Cisco’s medium-term outlook “remains muted” with its expectations for 5% earnings growth annually through fiscal 2027.