CSCO and telco
Cisco Systems (CSCO - Get Report) was downgraded to neutral from buy at Goldman Sachs with a price target of $48, down from $56.
Analyst Rod Hall's price target implies a 2.5% increase from Cisco's closing price Wednesday of $46.84. In trading Thursday, the stock was down 2.43% to $45.70.
The analyst, in a research note, said large enterprise spending will continue to weaken and telecom spending activity will remain depressed in the near term, according to The Fly.
Cisco Remains Attractive, Despite Goldman Sachs' Downgrade
Hall also said he was concerned that negative trends In the telecom segment could persist "well into" 2020, driven by carrier pauses ahead of 5G and needed carrier network automation implementation, The Fly reported.