BMO Capital downgraded the networking equipment giant to market perform from outperform, lowering its target to 35 from 37, ahead of Cisco’s fiscal third-quarter earnings due out after the close on May 17.
Shares of Cisco have been bumping up against the top of a two-month trading range and a 16-year high.
Shortly after the opening bell on the stock market today, Cisco slipped 0.4% to 34.15.
Needham & Co. raised its price target for the Chinese e-commerce company to 135 from 125, keeping a buy rating, on optimism about its fiscal Q4 results to be announced before the open on May 18.
Shares of Alibaba climbed 1.5% to 118.69 in early trading on the stock market today.
Bernstein upgraded the Chinese e-commerce company to market perform from underperform after JD.com topped earnings estimates Monday. The company reported a 42% jump in gross merchandise volume and raised guidance as it rapidly builds out its logistics and fulfillment operations.
Shares of JD.com, which jumped 7.8% on Monday, tacked on 0.2% to 38.64 early Tuesday.
IBD’S TAKE: Other Chinese internet stocks reporting earnings this week include auto websites Autohome and Bitauto Holdings, social networking company YY, game publisher NetEase, travel site Ctrip.com, and are set to report Wednesday. Visit IBD Stock Checkup to see how they rank in terms of earnings, sales and relative stock strength in IBD’s Retail-Internet and Internet-Content industry groups.
DA Davidson downgraded the networking technology vendor to neutral from buy, with a 40 target. Analyst Mark Kelleher cited valuation, with the stock having shot up 17.7% to 41.20 on Monday amid pressure from activist shareholders.
Credit Suisse hiked its target to 43 from 29, keeping a neutral rating, noting increased potential for a sale of the company after Elliott Management disclosed a 15% stake.
Gigamon fell 2.2% to 40.30 Tuesday morning.
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