Citing tightening demand, analysts at William Blair downgraded Cisco Systems (CSCO - Get Report)  to market perform from outperform.

Analyst Jason Ader cited "signs of tightening demand across the IT infrastructure universe" at the networking giant.

Shares were down 1.64% to $56.17. 

Lower demand "could pressure growth in Cisco's fiscal 2020, especially when compared against unusually strong demand in fiscal 2019," the analyst said.

In a little more than a decade, William Blair has rated Cisco outperform twice and market perform twice.  Historically, shares gained an average 80% when it was rated outperform and 33% in the periods it was rated market perform.

Upside to consensus 2020 expectations, "as well as multiple expansion, will be more challenging from here," Ader wrote in a note to clients.

The stock has 20 buys, 11 holds and two sell ratings, according to Bloomberg. Its average price target is $57.

Cisco shares have risen more than 40% from their December low.