UPDATE: Sterne Agee Lowers PT on Cisco Systems to $25

Sterne Agee is out with its report today on Cisco Systems (NASDAQ: CSCO), lowering its PT from $29 to $25.

In a note to clients, Sterne Agee writes, "We maintain our BUY rating on CSCO as we believe that investors underestimate a turnaround. Our 12-month price target of $25 is based on what we believe is a reasonable 12.5x multiple on our CY12 EPS plus net cash."

At the time of posting, shares of CSCO were trading pre-market at $14.99, up 0.13% from Friday's close.