Cisco's (CSCO) - Get Report reported a solid quarter, but its soft fiscal year 2020 second quarter guidance was enough to prompt analysts to lower their price targets slightly on the network hardware giant. 

The stock was falling Thursday 5.72% to $45.69 a share following Wednesday's earnings report. 

Earnings per share for Cisco's fiscal year 2020 first quarter came in at an adjusted 84 cents, beating Wall Street estimates of 81 cents and rising 12% year-over-year. Revenue was $13.2 billion, beating analysts expectations of $13.078 billion and rising 2%. Infrastructure platforms revenue, one of the company's largest segments, was $7.538 billion, missing estimates of $7.608 billion and falling 1%.

But the networking giant said it expects adjusted EPS for the current quarter of between 75 cents and 77 cents, below analyst estimates of 79 cents. The company also guided for a second quarter revenue decline of between 3% and 5%, versus analyst expectations for 2.8% revenue growth.

Here's what analysts said: 

Morgan Stanley, Equal-Weight, Price Target Lowered From $49 to $48

"Cisco noted incremental weakness among enterprise and commercial customers in fiscal year quarter one, which combined with SP and emerging market commentary from last quarter, cool our outlook. Portfolio positioning towards cloud makes company more agile, but macro creates overcast on opportunity for now, keeping us equal-weight. Lowering our estimate sas macro pressures begin to materialize. We are lowering our 2020 estimates as macro pressures that were noted last quarter continue to materialize. Overall, Cisco is seeing weakening orders across its business areas due to various ongoing geopolitical developments driving customers to delay purchase decisions in the midst of uncertainty. Our lower revenue estimates are minimally offset by margin leverage as Cisco continues to find operating and gross margin efficiencies, but we are also metering our expectations for share repurchases." 

- James Faucette

Piper Jaffray, Neutral, Price Target Lowered From $51 to $50

"While management has called out more macro concerns as the culprit, we believe Cisco's business cycles are also an issue, especially the Campus Switching business that is slowing and towards the end of its growth impact. Routing is getting worse (-20% year-over-year) given the core networking pause ahead of the 5G cycle, and as such, investors should avoid names with exposure to Service Provider's core networking. With the macro remaining an issue across verticals, the campus cycle slowing, a needed catalyst (i.e. M&A), and estimates needing to come down, offset by valuation support, we are remaining on the sidelines but reducing our price target to $50." 

- James Fish

Barclays, Equal-Weight, Price Target Lowered From $51 to $48

"CSCO's Q1 results were roughly in-line, but Q2 guidance significantly missed. We were concerned last quarter with the comment on weakening Enterprise orders in July. That weakness persisted through the October quarter and spread to the normally resilient Commercial market. We believe this adds a lot of risk. The weakness in Enterprise seems to have spread more broadly, including down to the Commercial market. Order weakness also spanned all geographies and product segments. Pricing pressure starting to appear in servers and expected to be more pronounced next quarter (DRAM pricing down). The China decline is accelerating and Q1 was down 31% sequentially."

- Tim Long

Jefferies, Buy, Price Target Lowered From $54 to $52

"We're keeping our Buy rating on Cisco shares - despite the weaker top line guidance and incremental macro uncertainty. We expect they'll preserve EPS power as margins expand and cost cuts get implemented. Below-market valuations and the dividend yield should also help protect downside in the stock. Further, business transformation and digitization trend that's driving the business isn't going away - even in a softer economic environment."

- George Notter

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