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CE Unterberg Cuts Cisco to 'Near-Term Market Perform'

CE Unterberg downgraded Cisco (CSCO) to near-term market perform from buy.

Analyst Mark Sue thinks the risk/reward appears less favorable at Cisco's current stock price. He says he's concerned about increasing pricing pressure in low and mid-range switching. Sue thinks consensus estimates for Cisco are likely to be reduced when the company reports its earnings on Nov. 6.

Sue remains unconvinced of any broad-based industry recovery and believes management likely will provide a muted outlook. He says Cisco's execution has been solid, however, he believes limited industry visibility is likely to persist for some time, and competitive pressures have increased in recent weeks. Sue sees $0.56 fiscal 2003 (July) earnings per share, and $0.66 for fiscal 2004.

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