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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 77.76

0.0%

3:59 PM EST

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To: pass pass who wrote (50290)	3/23/2001 11:14:44 AM
From: JakeStraw	of 77400

CE Unterberg, Towbin Covers CSCO investor.cnet.com We are significantly reducing our near term revenue and EPS estimates over the near term for Cisco Systems, due to soft capital spending across the enterprise and service provider segments in the U.S. and increasingly in international markets. Our estimates are also reduced for fiscal 2002, mostly due to the impact of nearer term quarterly estimate reductions. For full year fiscal 2002 we now estimate $0.51 EPS (essentially flat year/year), vs. $0.80 previously, on less than 5% revenue growth to $25.5 million and gross margin of 54.7% (based on gross margin stabilizing but not returning to historical levels before the recent near term weakness). We are maintaining our Buy rating (although reducing our target price from $50 to $40) for the time being since we don't view our downward estimate revisions as being driven by any material change in Cisco's competitive position, as much as by the macroeconomic demand uncertainty.

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