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 Dividend.com DARS™ Rating of 3.2 out of 5 stars.