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Cisco Systems downgraded to equalweight by Barclays

Shares of the network equipment manufacturer Cisco Systems, Inc. (NASDAQ:CSCO) were downgraded from overweight to equalweight by Barclays. The price target was lowered to $23 a share from $25. Barclays cited “secular headwinds, lack of major catalysts, and uneven demand trends” as reasons for the downgrade. However, Barclays believes that if Cisco can successfully ramp up its cloud and software defined networking services, shares can breakout of the current price target.