Cisco Falls 4.5% After Piper Sandler Cuts Price Target to $125 on Peak-Growth Concerns

Cisco Systems (CSCO) shares fell 4.5% on Tuesday, September 22, 2026, closing at $106.44 after Piper Sandler lowered its price target on the networking equipment supplier to $125 from $132, citing concerns that industry growth may be nearing a peak. Piper Sandler analysts said the cut reflects reduced expectations for valuation multiples. The stock hit an all-time high in June and has gained 57% over the past 12 months, with revenue boosted by the AI boom. Cisco reported strong fourth-quarter revenue of $17.25 billion, topping the LSEG estimate of $16.8 billion. The company issued robust guidance for fiscal 2027, projecting revenue growth of nearly 15%, though analysts expect growth to decelerate to single digits. Piper Sandler called the forecast "conservative" given stronger demand. Cisco expects hyperscaler revenue to nearly double to $75 billion in fiscal 2027 from about $40 billion.