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Technology Stocks : Cisco Systems, Inc. (CSCO)
CSCO 79.12+1.5%12:17 PM EST
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To: Jacob S. Rosenberg who started this subject3/30/2001 11:56:07 AM
From: AK2004  Read Replies (3) of 77400
 
Upgrade to "Strong Buy" from Needham & Co.

11:42am EST 30-Mar-01 Needham & Co. ACTM BHE CLS CSCO CORR CVTX DDIC FLEX GNSS
....................................
Cisco Systems, Inc. (CSCO/OTC) $15.25 FY Revenues (mil) EPS
A. A. LaFountain (212) 705-0317 Was Is Was Is
Rating: Strong Buy (was buy) 7/02E $32,778.3 $29,017.3 $0.74 $0.53
Target Price: $21 (was $23) 7/01E 26,551.2 25,219.2 0.59 0.50
Market Cap. : $115,229
* Calendar 2001/2002 revenues are estimated at $25.2B (+5%) / $34.8B (+38%);
calendar 2001/2002GAAP and pro forma EPS are estimated at $0.22 (-47%) / $0.56
(+157%) and $0.37 (-43%) / $0.71 (+91%)
* The over-expansion of network service providers appears to be combining with
much more conservative enterprise spending to lead to extreme unsettledness in
the current equipment market.
* Consequently, we are reducing our revenue and earnings estimate for both the
July 2001 and 2002 years.
* We are trimming our five-year growth model as well, which leads to a reduction
in our target price to $21 from $23.
* However, the shares are trading at new 52-week lows and are down 60%
year-to-date.
* As a result, the shares now appear to offer sufficient potential gain to the
new $21 target to merit the Strong Buy rating.
.......................
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