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Technology Stocks : Nortel Networks (NT)
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To: larry pollock who wrote (10154)3/6/2001 12:57:32 PM
From: larry pollock  Read Replies (1) of 14638
 
Banc of America Cuts Estimates for Cisco, Sees Signs of Weakness in Europe
By TSC Staff

3/6/01 11:21 AM ET

Banc of America Securities lowered its fiscal 2001 and 2002 earnings and revenue estimates for Cisco Systems (CSCO:Nasdaq - news) because of the firm's "waning confidence" in the recovery of a number of key industry and macroeconomic trends.





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Europe is also starting to show signs of weakness, the firm said, in a departure from the widespread belief that North America is the only market suffering through a slowdown in spending on telecom equipment. Banc of America cut its fiscal 2001 profit estimate to 60 cents from 63 cents and reduced its 2002 earnings forecast to 70 cents from 75 cents.

Banc of America also downgraded Cisco to buy from strong buy in order to reflect a more cautious outlook for the second half of 2001 and the reduced estimates.

The firm said the current slowdown of North American carrier spending, as well as reduced IT budgets, "will likely lead to a longer-than-anticipated transitional period before the resumption of normalized growth."

Shares of Cisco gained $1.63, or 7%, to $24.69 in recent Nasdaq trading.
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