Baird Cuts Cisco Systems to 'Neutral'

Analyst Kenneth Muth says he downgraded Cisco because the stock met his $18 price target

Baird downgraded Cisco Systems (CSCO ) to neutral from outperform following the company's earnings report. Analyst Kenneth Muth tells S&P MarketScope he is downgrading because the stock met his $18 price target. Based on channel checks and Cisco's conference call, he thinks business fundamentals are improving and would buy CSCO on weakness. He says the fourth quarter brought no real surprises; and revenues met his estimate, as did 15 cents pro forma EPS.

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