JP Morgan Downgrades Cisco Systems; Lowers Price Target (CSCO)

JP Morgan downgraded technology company, Cisco Systems, Inc.(CSCO) to “Neutral” on Friday.

The firm has downgraded CSCO from an “Overweight” to “Neutral,” and has decreased its price target from $21 to $17. This price target suggests a 2.9% increase over the stock’s current price of $16.50.

Cisco shares were down 33 cents, or -1.96% during premarket trading Friday. The stock is down 6.91% YTD.

The Bottom Line
Shares of Cisco Systems (CSCO) have a 3.33% dividend yield, based on last night’s closing stock price of $16.83. The stock has technical support in the $15-$16 price area. If the shares can firm up, we see overhead resistance around the $18-$19 price levels.

Cisco Systems, Inc.(CSCO) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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