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Robbie Stephens Cuts Cisco Estimates

Robertson Stephens cut estimates on Cisco Systems (CSCO).

Analyst Paul Johnson says in the past few weeks, new information has been uncovered suggesting that Cisco's health is even worse than previous expectations. He now sees carrier revenues down about 40% from the previous quarter, and sees adjusting enterprise revenues down 25% sequentially.

Johnson cut the $0.50 fiscal 2001 (July) EPS to $0.39, and lowered the $0.27 fiscal 2002 EPS to $0.16 to reflect a change in outlook, and an increasingly competitive environment. He notes Cisco also plans to cut 8,500 jobs. Johnson maintains his market perform rating.

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