Cisco Systems Inc. (NASDAQ: CSCO) is getting hit hard on an analyst downgrade this morning. Goldman Sachs has removed the routing and communications leader from its Conviction Buy List and has taken the official rating down to Neutral from Buy. Its $18.00 price target has been achieved in this valuation call, and that is below the $18.16 close on Friday. This move comes on the heels of a fairly large recovery as shares hit as low as $13.61.
Shares are down almost 3% at $17.62 in pre-market trading at 8:48 AM EST. The volume is under 70,000 shares, which is light.
JON C. OGG