) said Monday that it cut its rating on Internet network company Cisco Systems, Inc. (CSCO) to “neutral” from “conviction buy.” A Goldman analyst said that since Cisco has reached the banker’s $18 price target, that Goldman views its “growth expectation as largely priced in.” Goldman added that it maintains a positive long-term view for the company.
Cisco shares fell 93 cents, or -5%, in late Monday trading.
The Bottom Line
The stock has technical support around the $13 level. If that fails to hold, we could see the $9 price point come into play. If the shares can firm up, we see overhead resistance around the $19-21 price levels. We do not currently rate this non-dividend paying stock at this time, but we do monitor the company closely as it is a key technology name.
Cisco Systems, Inc. (CSCO) does not currently pay a dividend.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
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