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To: Jorj X Mckie who wrote (62979)	7/28/2002 4:23:52 PM
From: t2	Read Replies (1) \| Respond to of 208838

RE: Cisco..found these briefing notes. This lehman comment was the one I was refering to..but there is also a cautious one below too. So if there is expectation for them to "comfortably hit guidance", any cautious forward look could lead to problems. I think you have a good plan..to go against what direction the stock takes ahead of earnings. The CNBC reporting of the Lehman comments seemed more bullish than what appears in the July 17 briefing notes FWIW. Jul 17 2002 2:57 PM In Play Cisco Systems quarter on track-- Lehman (CSCO) 14.45 +0.18: -- Update -- Lehman says that this morning's CFRA report raises no new issues, and checks indicate that CSCO's July qtr is on track to comfortably hit guidance and that the focus for the sales force now appears to be on building backlog for the Oct qtr; firm remains encouraged that CSCO is delivering on its rev and earnings numbers in a challenging environment, although rev and order growth may remain a challenge in 2H02; maintains Buy rating and $16-$18 price target range. Here is few others: Jul 25 2002 8:28 AM In Play Cisco Systems upgraded at Dresdner (CSCO) 13.09: Dresdner Kleinwort Wasserstein upgrades to HOLD from Sell, saying the downside appears more limited at current levels, although co is still somewhat vulnerable to the ongoing debate about option expensing, a shift away from pro-forma earnings, and greater scrutiny applied to its accounting practices. Price target is $13. Jul 18 2002 9:24 AM In Play Cisco Systems: cautious comments from Bear Stearns (CSCO) 14.80: Bear Stearns Ripple Effect believe Cisco is likely to guide once again for flat sequential revenues in Q1, which may be slightly disappointing given the valuation and mgmt's expectations for a 5% increase in orders; firm says they 'would not chase CSCO', and believes the stock is more attractive around $12.