The analyst says the shares are approaching the price target while his fundamental outlook "is now in line with consensus."
Hall continues to see Cisco's ongoing Cat 9K refresh and increased campus networking demand as "tailwinds."
Hall believes this is now more balanced by "broader demand headwinds."
In terms of value technology stocks, Hall continues to flag Dell Technologies Inc (NYSE: DELL) as his preferred long, and he's most cautious on NetApp Inc (NASDAQ: NTAP) and Hewlett Packard Enterprise Co (NYSE: HPE).
Price Action: CSCO shares traded lower by 1.67% at $58.73 in the premarket session on the last check Wednesday.
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