Morgan Stanley reduces Cisco earnings forecast

Morgan Stanley downgraded the earnings forecast of Cisco System for this year from 4 US cents of per share net profit to 2 US cents. Analyst Christopher Stix said that Cisco businesses in Europe and Asia were affected by the weak local currency exchange rate but maintained the investment rating of ˇ§leading the marketˇ¨ while reduced the 12-month target price from US$25 to US$22. Cisco closed at US$17.71, down US$1.03.

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