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Needham Lowers Cisco to 'Hold'


Needham downgraded Cisco (CSCO) to hold from buy.

Analyst Tad LaFountain says Q4 results are within guidance, and says Q1 revenues are believed to be flat to down 5%, although the company indicated that lack of visibility precludes ruling out results outside that range. He notes Cisco offered no guidance for fiscal 2002 (July), and he cut the $21.7 billion fiscal 2002 revenue estimate to $18.5 billion, and trimmed the $0.32 fiscal 2002 EPS to $0.18.

LaFountain sees a rebound in fiscal 2003, with estimates of $0.49 EPS on revenues of $25.5 billion. He says the diminution of the company's near-term outlook leads to a drop in his long-term revenue growth forecast to 20% from 24%. He cut the $21 target to $16.


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