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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: GVTucker who wrote (67552)	4/12/2005 11:53:11 AM
From: Elroy	Read Replies (1) \| Respond to of 77400

Because now you're 3-6 months closer to 2006 earnings. It's also 3-6 months less that you have to discount back cash flows. For a company with growing earnings, if the stock price remains constant, the valuation is always declining. Yeah, I know all this stuff, but the Merrill report was primarily valuation based, and CSCO's valuation has been at current levels or lower since Jan 1st. I can understand a valuation based call if a stock moves from $18 to $17, but it doesn't make much sense for a stock that has just moved from $17 to $18 (as CSCO recently has). Why didn't the valuation based call make sense 6 weeks ago with CSCO at about $17.20?