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Cisco Systems

(CSCO) - Get Cisco Systems, Inc. Report

, down in early trading, reversed direction and was up 3.1% in midafternoon. After the close Monday, the networking giant

reported first-quarter earnings of 18 cents a share, beating the Street's estimate of 17 cents and the year-ago 12 cents. The company raised 2001 revenue growth projections, but analysts were concerned about signs of an inventory buildup and slower telecom spending.

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and

Lehman Brothers

raised their earnings estimates and price targets.