Cisco Stock Fell Nearly 3% Premarket After Citi Downgraded to Sell

Cisco Stock Fell Nearly 3% Premarket After Citi Downgraded to Sell.Citi analyst Jim Suva downgraded shares of Cisco Systems to Sell from Neutral.

A new price target on CSCO stock is $45.00 per share, down from the prior $65.00. On the other hand, Juniper Networks (NYSE:JNPR) shares are upgraded to Neutral from Sell with a $36.00 per share price target (up from $25.00).

“While supply chain constraints are well known, we did not see two new events occurring. First, a large increase in first responder (police) technology advancements (video) and security with funding needs being met by increases in state and local budgets (increased inflows of property tax revenues and federal government stimulus). Second, the recent conflict between Russia and Ukraine has spurred a large increase in defense spending around the globe, especially for technology defense items. We do not believe the investment community has absorbed these new trends,” Suva said in a client note.