JMP Securities is out with a note today suggesting that the declaration that Cisco witnessed in its US enterprise business during the January quarter has continued into its April quarter. JMP came to the conclusion based on a series of checks they recently made with industry sources and Cisco equipment resellers.

JMP senses that Cisco’s enterprise switching and routing sales, which make up as much as 50% of the company’s business, may be the most negatively impacted by the slowdown. The firm says given the uncertainty surrounding future business, the macroeconomic environment, the fact that Cisco currently trades at a premium to other large cap technology peers, and their belief that consensus estimates have become too optimistic, they encourage investors to be cautious with Cisco’s stock.

Cisco’s stock price, which trades under the ticker symbol CSCO, has traded in a 52 week range of between $17.10 and $28.99.