Cisco downgraded to Hold from Buy at HSBC

HSBC last night downgraded Cisco (CSCO) to Hold from Buy with a $69 price target The company’s fiscal Q4 results and 2026 outlook missed HSBC’s estimates as the networking segment slows, the analyst tells investors in a research note. The firm believes Cisco’s fiscal 2026 revenue guidance and slowing growth in remaining performance obligations suggest the restocking effect may be coming to an end sooner than expected. The company’s strength in artificial intelligence infrastructure orders is getting offset by weakness elsewhere, contends HSBC, which views the shares as fairly valued at current levels.