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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: sylvester80 who wrote (13796)	12/17/2001 8:47:38 AM
From: Softechie	Read Replies (1) \| Respond to of 99280

Cisco Systems (CSCO) 19.39: Hearing from sources at Bernstein that analyst Paul Sagawa is reiterating his long-term negative outlook on Cisco; says that over last 50 years, communications tech spending has grown 13-14% with avg operating margins of 8-9%. With assumptions of 17.5% avg growth and 17% operating margins for Cisco over the next decade, Sagawa arrives at a discounted cash flow valuation of $11-13/share; but says company can hit its Q2 numbers and maintain flight-to-quality status in the near-term.