Sterne Agee Cuts Price Target and Estimates on Cisco (CSCO); Market Share Leader, But Overall Trends Softer

July 13, 2012 11:12 AM EDT Send to a Friend
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Price: $23.52 --0%

Rating Summary:
    31 Buy, 19 Hold, 3 Sell

Rating Trend: = Flat

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    Up: 0 | Down: 0 | New: 0
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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.




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