Redback Networks


was down 8.3% in early trading after hitting a 52-week low of $17.08.

U.S. Bancorp Piper Jaffray

downgraded the stock to buy from strong buy and slashed its price target to $28 from $68.

Other network-equipment makers were also falling in the wake of Friday's layoffs announcement from


(CSCO) - Get Report




was down 8% after hitting 52-week low of $12.63.