Analysts at the firm downgraded the tech name to neutral and cut the price target to $48 from $56 on fears trade uncertainty could hurt profitability.
Matt Maley, equity strategist at Miller Tabak, said the stock now faces a level that could kick off a major bounce.
"This one is at the 100-week moving average. This is a stock that has bounced off that 10 different times in the last three years. It did break below it at the very beginning of 2016 when the whole market went down. But it's a great level that has held the stock several times in the past," Maley said Tuesday on CNBC's "Trading Nation."
"The 100-week moving average is also its August lows, so if it breaks below that it will break below two key moving averages. So again, you want to have tight stops on this name. But it's been a great area where the stock has been able to bounce in the past so it looks like it could be another one this time around," said Maley.
Quint Tatro, president of Joule Financial, sees a buying opportunity in the Cisco pullback.
"Cisco … is trading around 13 times forward earnings having grown those earnings recently around 30%. But more importantly, the stock has an exceptional balance sheet, yields about 3% dividend, unbelievable free cash flow," Tatro said during the same segment. "That's a name that as that comes in, that would be the only one that we see value in and we'd be willing to be a buyer here. We still own the shares, but we'd certainly consider adding more."
Disclosure: Joule Financial holds a position in Cisco.