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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 76.11

+0.9%

Nov 21 9:30 AM EST

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To: Eric who wrote (10720)	12/10/1997 4:32:00 PM
From: Zoltan!	Read Replies (1) of 77400

DLJ - Cisco is trading at a discount: In an interesting sidebar to DLJ's downgrade which sent BAY down 9% today is the last paragraph: (re:BAY) - 20 times forward is an appropriate multiple. We think that 20 times forward year estimates is an acceptable multiple to pay for Bay, and may even be a bit high. This would be roughly l times the top line growth rate. Cisco, which is the most comparable company is trading at about 27 times our forward year estimate of 3.25 which is actually a slight discount to the company's top line growth rate of 30%. A 20 times multiple on our estimate of $1.55 leads to a new target price (for BAY) of $31. Regards Regards

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