NEW YORK ( TheStreet) -- Shares of Cisco (CSCO - Get Report) have been down by as much as 12% since the company reported its fiscal fourth-quarter earnings results and are still under pressure. The Street, which has taken a "wait-and-see" approach towards Cisco, continues to show a lack of confidence in its management. While I don't necessarily have a problem with that, I don't believe investors who have taken only a cursory look at the company's performance truly understand what Cisco has been trying to do.Take, for instance, analyst Kulbinder Garcha of Credit Suisse, who recently initiated coverage of the stock with an "underperform" rating. Garcha noted that Cisco's software-defined networking (SDN) strategy will "ultimately threaten the oligopolistic structure and superior levels of profitability seen in switching and routing." The stock price fell 1% on that report alone.
Cisco's Still Misunderstood
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