Goldman Sachs Trims Numbers, But Keeps Bullish View on Cisco (CSCO)

Goldman Sachs trimmed estimates and its price target on Cisco (NASDAQ: CSCO) from $26 to $24 following Q3 results and lower Q4 guidance, but is keeping its Buy rating.

"Cisco's quarter was characterized by solid execution, and we attribute its weaker-than-expected guidance to macro and market factors, rather than company-specific issues," the analyst said. They note Q3 gross margin of 63.1% was ahead of its guidance of 61.5%-62.0% and GS/Street at 62.3%/61.9%. This has been the key driver of their Buy thesis.

Goldman trims FY12/FY13/FY14 (FYE July) EPS estimates to $1.84/$1.93/$2.08 from $1.89/$2.09/$2.23.

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 $18.78 yesterday.

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