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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 75.23

-0.5%

Jan 6 3:59 PM EST

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To: Lizzie Tudor who wrote (64319)	7/30/2003 3:01:05 AM
From: Elroy	of 77400

Smith Barney said, in a research note dated July 28, that it raised its 12 to 18 month price target on Cisco Systems Inc. (NasdaqNM:CSCO - News) to $21 from $19. I read that note. He gets to $21 because he thinks that CSCO should trade at 7.2x next year's revenue. He thinks that because CSCO's pipsqueak competitors (EXTR, ETS, FDRY, FFIV, which are all approximately 1/10th the size of CSCO) trade between 1x and 6x sales, and CSCO deserves a premium valuation to them. The reasoning made me laugh. 7.2x revenue for a 5% revenue grower and (perhaps) a 10% EPS grower. Right. Elroy Elroy

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