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CS First Boston Spares Cisco Rating


CS First Boston cut estimates on Cisco Systems (CSCO) but maintained its buy rating.

Analyst Lissa Bogaty says she cut the $0.11 Q3 EPS estimate to $0.07, cut the $0.13 Q4 to $0.11, reduced the $0.60 fiscal 2001 estimate (July) to $0.53, and trimmed the $0.75 fiscal 2002 estimate to $0.70. She maintained her buy rating, believing that Cisco has the ability to grow 25%-30% on top line, but thinks investors won't likely give the company credit for this until there is greater visibility. For now, Bogaty continues to expect investors to discount

a growth rate at the lower end of the 20%-25% range, which does not,

by her calculations, imply much downside from here.


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