Cisco price target lowered to $54 from $55 at UBS

UBS lowered the firm’s price target on Cisco to $54 from $55 and keeps a Neutral rating on the shares. Cisco’s Q1 earnings report was solid, but the company provided January quarter guidance that was materially below the firm’s cautious expectations and lowered the FY24 revenue and EPS outlook provided just 90 days ago, the analyst tells investors in a research note. Though management believes Product orders and revenue should improve quarter-over-quarter from what could be a trough in Q2, UBS is not as confident given building macro pressures.