Cisco shares set to open 13 percent lower after revenue warning

(Reuters) - Cisco Systems Inc's shares were set to open about 13 percent lower after the network equipment maker forecast a steep drop in revenue, prompting at least two brokerages to downgrade its stock and 12 to cut their price targets. Cisco reported lower-than-expected revenue for the quarter ended October 26 mainly due to a fall in sales to telecom and cable service providers and in emerging markets. Analysts cut the price target on Cisco's stock by as much as $6 to a low of $20. "While our checks noted emerging markets weakness, we were clearly wrong on magnitude of the order weakness," Deutsche Bank analyst Brian Modoff said in a note.

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