Cisco Systems Inc. (NASDAQ: CSCO) may have reported earnings that beat expectations, but the company tempered its guidance after reporting that Frank Calderoni would step down as the tech giant’s CFO. One might wonder if the guidance was sandbagged on the heels of such a key executive departure.

24/7 Wall St. provided a full post-earnings analysis already showing the full results, guidance, buybacks and cash flow details. Now we want to see what analysts have said about Cisco on the heels of its earnings report.

Credit Suisse said that Cisco’s earnings report was a solid execution, but said that guidance was somewhat disappointing, despite raising the firm’s 2015 estimates. With management highlighting mixed trends on the macro and continued weakness in service provider and emerging markets, margin pressure should continue. Credit Suisse maintained its Underperform rating, along with a big downside price target of $20.

UBS talked about weak ordering trends from service providers being Cisco’s main challenge. Still, the firm has a Buy rating and $28 price target.

Bank of America Merrill Lynch said that Cisco is executing well in a tough environment, while saying that emerging market spending was weak and would remain a headwind. The firm maintained its Buy rating and $28 price objective.

Wells Fargo maintained that reported quarterly results were healthy with margins outperforming. The firm opined that Cisco may have guided conservatively, given CFO Frank Calderoni’s decision to step down. Despite slightly lowered earnings estimates, Wells Fargo kept its Outperform rating and $27 to $29 valuation range.

S&P Capital IQ reiterated its Hold rating but raised the target by $2 to $27. The firm noted that a forward P/E of 12X for its 2015 estimate, saying they would continue to hold the shares as Cisco gains more traction with cloud and other products.

Oppenheimer maintained its Outperform rating and $27 price target. The firm said it has greater confidence in Cisco’s technology leadership, execution and recovery trajectory.

Sterne Agee maintained its Buy rating and $28 price target. Still, the firm lowered earnings estimates, despite seeing limited downside.

MKM Partners has reportedly maintained its Neutral rating but cut the price target to $24 from $28.

The bulls were ahead of the bears on Thursday. Late afternoon trading had Cisco shares up 2.2% at $25.67, and volume was about 175% of normal at 42.3 million shares, with about two hours until the market closes. Cisco’s 52-week range is $20.22 to $26.08, and the consensus analyst price target from Thomson Reuters was still listed as $26.50 after the reactions had been seen.

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