Cisco Posting Notable Loss On Downgrade By Nomura Instinet

(RTTNews) - Shares of Cisco Systems, Inc. (CSCO) continue to see notable weakness in afternoon trading on Friday after an initial move to the downside. Cisco is currently down by 3.5 percent.

The initial slump by Cisco came after Nomura Instinet downgraded its rating on the networking giant's stock to Neutral from Buy.

Nomura Instinet analyst Jeffrey Kvaal said Cisco's ongoing product refresh leaves the company insulated but not immune from an anticipated slowdown in IT spending in 2019.

Kvaal also suggested Cisco's stock is too expensive at current levels, noting the more than 20 percent jump year-to-date.