Cisco stock dropped about 5% on Tuesday as Piper Sandler cut its price target for the networking equipment vendor to a share price of $125 from a prior $132.

Piper analysts cited lower price-to-earnings multiple expectations stemming from concerns that growth is peaking in the industry.

The company hit a record high in June, and the stock is up about 56% over the past 12 months as revenue has surged along with the artificial intelligence boom.

Last month, Cisco posted strong fourth-quarter earnings that beat estimates, reporting $17.25 billion in revenue that topped a $16.8…