NEW YORK (TheStreet) -- It's always interesting to see how the Street is ready to reward unproven companies with outrageous valuation multiples in the hope they are able to one day fulfill their promise. This is regardless of how ridiculous these expectations may be.On the other hand, these same investors insist on severely discounting or completely ignoring companies for no reason other than the fact that they are no longer perceived "sexy," regardless of how solid their balance sheets may be. Tech giant Cisco ( CSCO) falls into this category. While the company may no longer be the untouchable king of networking, its equipment still powers more than half of the Internet. What's more, though Wall Street continues to think very little of Cisco's growth potential, the company is far from being the "walking dead" stock as presumed by its current P/E of 8. For that matter, the company has put together six consecutive earnings beats. But as usual, investors remain unimpressed.
Cisco expects earnings per share of 45 cents to 47 cents on revenue of $11.5 billion to $11.9 billion, in line with analysts' EPS forecasts of 46 cents on $11.7 billion in revenue. The company earned $8.04 billion, or $1.49 per share, for the full fiscal year, an increase from $6.49 billion, or $1.17 per share, in fiscal 2011. This is while revenue arrived at $46.1 billion, up from $43.2 billion in the previous year.