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MarketWatch MarketPulseJul 16, 2020
Cisco stock slips after J.P. Morgan downgrade
Shares of Cisco Systems Inc. are off 1.7% in premarket trading Thursday after J.P. Morgan analyst Samik Chatterjee downgraded the stock to neutral from overweight. He expects that there will be "limited investor enthusiasm for the shares in the absence of visibility into a return to revenue growth amidst continuing headwinds to enterprise spending in the backdrop of an uncertain macro," even as channel checks indicated enterprise spending has been more resilient than he initially imagined. "Additionally, as investors are looking to position for a recovery despite limited visibility into the shape of the recovery just yet, rebound in enterprise spending is largely going to lag the recovery in consumer spending which positions other companies in our coverage for relatively higher upside," Chatterjee wrote. He also predicts that investors looking to position themselves for the possibility of a Democratic takeover in Washington this fall should consider "incremental headwinds to IT budgets" as some enterprises could pull back on spending to help offset a potential increase in corporate taxes. He maintained a $50 price target on the stock, which has added 12% over the past three months as the Dow Jones Industrial Average has gained 14%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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