Updated from 1:13 p.m. ET

A battery of analysts took aim at

Cisco

(CSCO) - Get Report

this morning, cutting their estimates across the board, a day after the networking company reported

disappointing second-quarter earnings and lowered its projections.

Shares of Cisco were lately trading at a new 52-week low, falling $4.94, or 13.8%, to $30.81 on the

Nasdaq

. The intraday low was $30.25.

In a research note,

Merrill Lynch

slashed its 2001 revenue forecast for Cisco to $26.6 billion from $29.4 billion, and lowered its earnings per share estimate for 2001 to 66 cents from 79 cents. The firm, which retained its long-term buy rating on Cisco, also reduced its 2002 EPS estimate to 77 cents from $1.05.

Salomon Smith Barney

cut its 2001 earnings estimate to 65 cents a share from 77 cents a share, and full-year 2002 projection to 85 cents from 97 cents. Salomon also lowered its price target on the company to $65 from $80, and said "we are strongly recommending investors buy Cisco on the current weakness."

Lehman Brothers

also lowered its 2001 EPS forecast to 67 cents from 74 cents, and reduced its price target to $36 from $45. The firm stood out from the pack by taking its rating on Cisco down to a buy from a strong buy.

W.R. Hambrecht

reduced its 12-month price target for Cisco to $125 from $200, citing "increasing near-term growth challenges" from the slowdown in the enterprise market and the continued inventory correction in the cable modem market. The firm maintained its buy recommendation for Cisco.

Deutsche Banc Alex. Brown

cut its 2001 revenue projection to $26.5 billion from $30.3 billion, and lowered its earnings forecast to 64 cents from 79 cents. The firm also slashed its 2002 estimates, but reiterated its strong buy rating on the stock. Likewise,

First Union Securities

lowered both its 2001 earnings and revenue outlook, while keeping its strong buy rating on the stock.

Then

UBS Warburg

trimmed its earnings projection to 64 cents from 74 cents a share for 2001, and cut its 2002 forecast to 76 cents from 93 cents.

J.P. Morgan

also reduced its expectations for 2001 EPS to 65 cents and revenue to $26.4 billion. J.P. Morgan also said it believes that "long-term investors should begin to look for entry points" on Cisco's stock.