Cisco Systems

(CSCO) - Get Report

was up 1.2% in preopen

Island

trading after

Credit Suisse First Boston

lowered its earnings and revenue estimates.

CSFB said it expects revenue in the current quarter to be down 5% to 10% sequentially and estimated earnings per share will be 11 cents, below the Street's consensus of 14 cents. CSFB also cut its price target for the network equipment giant to $40 from $45.