Cisco Systems is trading at €87.51, down 4.08% in live trading on November 5, 2026, after Morgan Stanley downgraded it to Equal-weight from Overweight. - The bank cut its price target to $120 from $135, citing less upside after a strong rally. - It flagged pulled-forward customer orders ahead of price increases and a growing lower-margin hyperscaler hardware mix as near-term risks. - Sector weakness provides additional context, but the downgrade is the clearest identified catalyst.