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Strategies & Market Trends : Guidance and Visibility

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Jan 21 3:59 PM EST

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To: Paul Kern who wrote (6206)	7/16/2001 4:40:57 PM
From: 2MAR$	Read Replies (1) of 208838

RESEARCH ALERT-Morgan Stanley cuts Q4 Cisco estimates NEW YORK, July 16 (Reuters) - Morgan Stanley on Monday lowered its fourth-quarter and fiscal 2002 full-year financial estimates for networking giant Cisco Systems Inc. <CSCO.O> Morgan Stanley analyst Christopher Stix said in a research report that he believes Cisco's fourth-quarter is tracking to the low end of the company's guidance for revenues flat to down 10 percent, with an 8-percent decline most likely. He expects earnings per share of 2 cents on revenues of $4.35 billion from previous forecast of 4 cents and $4.6 billion). He also cut his fiscal 2002 earnings per share estimet to 21 cents on $18.2 billion in revenues, from the previous forecast of 29 cents and $20.7 billion. "We are taking a more conservative stance on the company's European and Asian businesses and service provider products lines," Stix wrote in the report. He set a stock price target of $22 a share. Cisco's stock closed trading Monday off $1.03, or 5.5 percent, at $17.71 in Nasdaq trading. ((--Chicago Equities News at 312 408 8787, chicago.equities.newsroom@reuters.com))

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