Sterne Agee Cuts Price Target and Estimates on Cisco (CSCO); Market Share Leader, But Overall Trends Softer
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Price: $23.34 -2.79%
Rating Summary:
32 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Rating Summary:
32 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 28 | New: 14
Trade CSCO Now!
Sterne Agee maintains a 'Buy' on Cisco (NASDAQ: CSCO) price target of $23.00 (from $27.00).
Analyst, Shaw Wu, said, "In our supply chain checks, we are unsurprisingly picking up softer demand trends. However, this appears to be driven more by longer sales cycles as opposed to competitive displacements. In fact, we are hearing CSCO is gaining share. We maintain our Buy rating as we believe shares have some support here with 37% of its market capitalization in cash."
However, Wu is taking a conservative approach and lowering FY12 revenues from $46B to $45.8B. For FY13, EPS estimate is lowered from $1.95 to $1.90 and revenues from $47.8B to $46.8B.
For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.
Shares of Cisco closed at $15.98 yesterday, with a 52 week range of $13.30-$21.30.
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Analyst, Shaw Wu, said, "In our supply chain checks, we are unsurprisingly picking up softer demand trends. However, this appears to be driven more by longer sales cycles as opposed to competitive displacements. In fact, we are hearing CSCO is gaining share. We maintain our Buy rating as we believe shares have some support here with 37% of its market capitalization in cash."
However, Wu is taking a conservative approach and lowering FY12 revenues from $46B to $45.8B. For FY13, EPS estimate is lowered from $1.95 to $1.90 and revenues from $47.8B to $46.8B.
For an analyst ratings summary and ratings history on Cisco click here. For more ratings news on Cisco click here.
Shares of Cisco closed at $15.98 yesterday, with a 52 week range of $13.30-$21.30.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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