UPDATE: Piper Jaffray Color On CSCO Target Decrease

Piper Jaffray, which lowered its PT on shares of Cisco Systems, Inc. (NASDAQ: CSCO), is providing some color on the stock.

“In what's starting to become routine, Cisco disappointed investors with below consensus guidance for the July quarter,” Piper Jaffray writes. “It's now been almost a year since Cisco last reported a positive print and guidance and investor patience appears thin.

“Management has acknowledged its mistakes through the recent implementation of a restructuring plan and divestitures of certain non-core consumer business lines, but we believe it will take several quarters to implement all the needed changes.”

Cisco Systems closed Wednesday at $17.78.