>No Change in CSCO Thesis

August 16, 2010

>A New York presenter maintains his bullish view on Cisco (NASDAQ: CSCO, $21.91).
The guidance last week was a little underwhelming, but the business remains solid. At the current price, the stock is trading at less than 11X non GAAP trailing EPS if the net cash of about $4 per share is subtracted. The presenter believes the difference between share buyback and option issuance should just be added as an ongoing expense.

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