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Robbie Stephens Cuts Cisco

Robertson Stephens cut its investment rating on Cisco Systems (CSCO) to market perform from long-term attractive.

Analyst Paul Johnson says although the lowered stock price may be seductive to

investors, he thinks there's still a near-term downside to stock. He says

it's clearer than ever that the current Cisco is merely a shadow of its former self.

He says Cisco's cost cutting efforts may be an attempt to mitigate the

potential decrease in net operating profit (after tax) that may result

from negative revenue growth.

Nevertheless, Johnson thinks Cisco's competitive

stance and economic outlook have clearly changed. He cut the $0.64 fiscal 2001 (July) EPS estimate to $0.59, and cut the $0.75 fiscal 2002 estimate to $0.55.

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