Cisco Systems (CSCO) - Get Report declined in trading Monday after shares of the maker of networking gear were downgraded to neutral from
overweight at Piper Jaffray.

Cisco is expected to report fiscal first-quarter earnings on Wednesday. Analysts surveyed by FactSet expect the company to earn 81 cents a share in the period on sales of $13.07 billion.

Piper Jaffray analyst James Fish downgraded Cisco to neutral from overweight with a price target of $51, down from $55.

Shares of Cisco fell 2.46% to $47.63 in trading Monday. The stock has risen 12.69% so far in 2019 but has declined 6.87% over the last three months.

The analyst cited "a slowing macro environment across Enterprise and Service Provider," and "cycles hitting a peak earlier this year," for the downgrade. He also cited lack of a near-term catalyst, and risk to fiscal 2020 and 2021 estimates, according to The Fly.

Fish, however, said he sees downside for the stock as "fairly limited from here." Material 2021 catalysts, Fish said, include the rollout of 5G and 400G switching.

Sixteen analysts who cover the stock rate it a buy, 14 have it as a hold, and there are two sells, according to Bloomberg. The average price target is $54.

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