Piper Sandler cuts Cisco price target to $125, shares fall 5%

Piper Sandler lowered its price target on Cisco Systems to $125 from $132, citing a lower price-to-earnings multiple assumption amid worries that networking-industry growth is peaking. Cisco shares fell about 5% on the news. The stock had hit a record high in June and remains up roughly 56% over the past year, helped by revenue growth tied to AI demand, including a fourth-quarter earnings beat last month with $17.25 billion in revenue versus a $16.8 billion estimate.