Evercore ISI downgraded Cisco Systems Inc (NASDAQ:CSCO) stock to "in line" from "outperform," with the analyst in coverage noting that any potential upside is already priced in. The firm also addressed the lack of disclosed artificial intelligence (AI) revenue numbers. At last glance, CSCO was down 1.3% to trade at $67.81.
Of the 27 analysts in coverage, 18 still carry a "buy" or better rating, leaving plenty more room for downgrades. Plus, the 12-month consensus target price of $72.17 is a 6.3% premium to current levels.
Though the shares are on track for their worst day since June 13, they are still not too far removed from their June 30, 24-year high of $69.78. A familiar floor looks ready to contain any additional downside that could eat away Cisco Systems stock's 14.7% year-to-date lead.
Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 50-day call/put volume ratio of 4.71 sits higher than 92% of readings from the past year. This means options traders have been much more bullish than usual leading up to today.
