On September 22, Cisco declined 3.12% in regular trading, trading at $107.76/share, with turnover of $347 million. The decline came as Piper Sandler lowered its price target on Cisco from $132 to $125 while maintaining a Neutral rating.

The revised target reflects continued caution around Cisco's near-term outlook. According to FactSet-polled analysts, the stock still carries an average overweight rating with a mean price target of $139.73, suggesting the Street broadly remains constructive. However, the downward revision adds to a pattern of tempered expectations following HSBC's downgrade to Hold in mid-August with a reduced target of $120, citing expectations that sequential growth momentum could soften starting in fiscal Q2 2027.

Cisco reported strong fiscal Q4 results in August, with revenue of $17.25 billion and adjusted EPS of $1.22, both beating consensus. The company guided fiscal 2027 AI hyperscaler revenue to $7.5 billion and overall revenue growth of approximately 15%. Despite the solid fundamentals, shares have remained under pressure since the post-earnings selloff, as investors weigh whether AI-driven growth has peaked near-term against moderating margin guidance.

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