Analyst Sanjiv Wadhwani says that information technology spending continues to be delayed or reduced. While he believes Cisco is on track to meet his third quarter estimates due to a good March (after a slow start in February), the IT capital spending environment continues to remain tough. Wadhwani trimmed his 5% fourth quarter sequential growth estimate to 2% and his $5.0 billion revenue estimate to $4.9 billion; he maintains his $0.09 EPS estimate. The analyst cut his $19.14 billion fiscal 2002 (ending July) revenue estimate to $18.99B, and maintains his $0.31 EPS forecast. He also cut his $22.38 billion fiscal 2003 revenue projection to $21.74 billion and his $0.44 EPS forecast to $0.42. He lowered his price target for Cisco stock from $24 to $22. He notes that the company continues to take market share, and maintains his top pick rating on the shares.