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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.99

+0.2%

Jan 12 3:59 PM EST

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To: MHA who wrote (53479)	5/30/2001 1:22:49 PM
From: HH	Read Replies (1) of 77400

CISCO SYSTEMS (CSCO): First Union Securities lowered its rating on Cisco Systems to Market Perform from Buy on May 8. The data networking giant's shares have seen a recent run-up to the $20 range, which, to First Union, is too rich. The shares closed at $19.05 on May 11. The firm's analysis of the service provider market suggests that the growth rate will return to 20% in the next 24 months. First Union believes that an appropriate price-to-earnings multiple for a stock with a 20% growth rate is between 20 and 30 times the forward-year earnings, implying a trading range of between $10 and $15. Earnings estimates for calendar 2002 remain unchanged at $0.50. Fiscal year EPS forecasts for 2001 and 2002 are $0.39 and $0.24, respectively -few weeks old report but maybe more accurate now- HH

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