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Cisco Downgraded to Underweight

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Cisco Systems, Inc. (NASDAQ:CSCO) was downgraded by JPMorgan from neutral to underweight. JPMorgan believes that the network IT provider is overvalued compared to its earnings potential. In addition, weakness in the emerging markets where Cisco has extensive exposure according to JPMorgan will have a drag on earnings. As a result, the price target was lowered to $17 a share from $21 a share. Cisco shares are currently down.