Cisco Systems Inc. (NASDAQ: CSCO) may have just managed to disappoint almost every single investor on the planet. We knew expectations were likely low after technology and networking peers had signaled tougher times in recent weeks. But this report was simply the bad and the ugly.

John Chambers now may even be scrambling on his restructuring strategy, which clearly is not working. 24/7 Wall St. wanted to show an analyst montage on the research notes it has seen. It is far from pretty, and this is just a partial list of summaries.

Goldman Sachs dropped the big hammer. It maintained an official Buy rating but removed Cisco from the firm’s prized Conviction Buy List and dropped the price target to $25 from $30 based on earnings and guidance valuations.

Wedbush downgraded Cisco to Neutral from Outperform, and it lowered the price target to $23 from $26.

Oppenheimer summed it up as “No Pain, No Gain” when maintaining an Outperform rating. The firm cut the price target from $27.00 to $25.00.

Credit Suisse maintained its Underperform rating, and it lowered earnings and sales estimates, ultimately lowering the target price to $20 from $21.

Bank of America Merrill Lynch maintained its Buy rating, with lowered expectations ahead. It sees growth recovery throughout next year, and called it as having solid capital allocation and a low valuation. Still, it cut the price target all the way down to $25 from $30 in the call.

Deutsche Bank downgraded Cisco to Hold from Buy and cut the price target to $25 from $28.

Sterne Agee maintained its Buy rating, but lowered estimates and reduced the price target to $25 from $28.

Zacks Investment Research said that Cisco’s unusually weak guidance reflects terribly for global technology capital spending trends, noting that its problems appeared particularly notable in emerging markets like China, India, Brazil and Russia.

Again, this is just a partial group of reports that have been made after the poor earnings and guidance. Cisco closed at $24.00 on Wednesday, but shares were down more than 12% at $21.08, with more than 135 million shares trading hands even at 11:00 a.m. EST.

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