Phoenix, RE: Take a look at the facts. The analysts have been all over this sector for months now. Yes, many have adjusted targets while leaving they're buy's on. LEH as an example dropped the target from $90 to $60-$65... but left CSCO a buy.
Yes, please, take a look at the facts.
You say 'The analysts have been all over the sector' and the best you can do is find an analyst who kept a buy rating but lowered his target?
You need to go somewhere else besides CNBC for your information.
How about the bellweather of brokerage firms, Merrill Lynch?
From 7 Nov: "We believe Cisco's superior financial performance warrants a premium multiple. Even with the recent P/E contraction in our group, we believe Cisco could trade at 70x our CY02 EPS multiple, yielding a price target of $85."
Want an institutional firm? How about Morgan Stanley?
"WE MAINTAIN OUR STRONG BUY RATIN [sic] AND $90 PRICE TARGET
Cisco is capitalizing on strong enterprise cycle, with optical products ramping in the service provider market."
Want a retail firm? PaineWebber perhaps?
We maintain our Buy rating and price target of $85 which is 97 times our calendar 2001 EPS estimate of $0.88.
Nope, nothing there either.
Seriously, I am glancing through the recent analyst reports I have, and I cannot find a SINGLE negative one. I scan on line, and the only negative things I can find are Tim Luke's report (negative, but face it, he hedged, so it isn't exactly screamingly bearish), Sagawa (who hasn't published a report since September), and Axxel Knutson (who is primarily a joke). That's it.
Yes, look at the facts. Then decide again who has the bong. |
