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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 77.80-0.3%Nov 17 3:59 PM EST
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To: Zoltan! who wrote (32066)2/9/2000 10:48:00 AM
From: Lynn  Read Replies (1) of 77400
 
Here's a bit from ML's latest research report on CSCO titled, "Cisco Systems: What More Could We Ask For?" and dated today:

12 Month Price Objective: $160

Investment Highlights:

· Cisco reported much better than expected
revenues and EPS for the January 2000
quarter. Revenues increased by 53% to $4.35
billion, about $475 million higher than our
expectations. The company reported operating
EPS of $0.25 versus operating EPS of $0.17,
above consensus expectations of $0.23.
· We are increasing our fiscal 2000 EPS
estimate from $1.00 to $1.03, our fiscal 2001
EPS estimate from $1.30 to $1.33, and our 3-5
year EPS growth rate from 30% to 35%. With
Cisco's continued stellar performance, we
believe that the stock should trade at 3-times
its growth rate, or 105-times our calendar
2001 EPS estimate of $1.52.

Fundamental Highlights:

· A robust book-to-bill ratio, strong order
growth, and new market opportunities should
lead to almost 50% revenue growth in fiscal
2000. This would be an amazing
accomplishment for a company with over $12
billion in sales in fiscal 1999.
· To address the new market opportunities,
management expects to increase its investment
in sales and R&D expenses over the next
several quarters.

[end of ML]

Love that title!

Lynn
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