Cisco Has Worst Day in Two Years as China Weighs on Outlook
- Stock lacks ‘octane’ in the current market, Jefferies writes
- At least six firms trim their price targets on Cisco shares
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Cisco Systems Inc. shares sank on Thursday, after the company gave a first-quarter outlook that was below expectations, pressured by macroeconomic headwinds, including the U.S.-China trade war.
The Chinese market was seen as a major factor behind weakness in service-provider orders, and Morgan Stanley wrote that “outsized” macro headwinds “were too much to provide much opportunity for upside.” The firm was one of at least six to trim its price target on the stock.