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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 78.03

0.0%

Dec 24 12:59 PM EST

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To: GVTucker who wrote (65946)	8/11/2004 9:35:13 PM
From: Mick Mørmøny	of 77400

S&P Lowers Opinion on Cisco Shares Cisco Systems (CSCO ): Downgraded to 4 STARS (accumulate) from 5 STARS (buy) Analyst: Megan Graham-Hackett Cisco posted July-quarter pro forma earnings per share of 21 cents, vs. 15 cents one year earlier, above our 20-cent estimate, on 26% revenue growth and lower costs vs. our model. However, Cisco didn't make the progress we expected in cutting inventories. The company saw strength in U.S. enterprise and commercial orders in the July-quarter, but it sees Oct.-quarter revenue up 0% to 2% from the July period, a bit below our model. We are keeping our fiscal 2005 (ending July) earnings per share estimate at 81 cents. Our S&P Core earnings per share estimate is 53 cents, reflecting our stock option expense estimate. Given Cisco's more cautious outlook and based on the slightly lower free cash-flow growth assumed in our discounted cash-flow model, we are lowering our target price to $25 from $36. businessweek.com

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