Cisco (NASDAQ:CSCO), Dell (NASDAQ:DELL), Hewlett-Packard (NYSE:HPQ) Growth Estimates Slashed by JPMorgan (NYSE:JPM)

Citing competition from alternatives to PC's like Apple Inc.'s (NASDAQ:AAPL) iPad, growth estimates for companies like Cisco (NASDAQ:CSCO), Dell (NASDAQ:DELL) and Hewlett-Packard (NYSE:HPQ) were cut by JPMorgan (NYSE:JPM).

JPMorgan analyst Mark Moskowitz said, “Given the recent enterprise trend- line, we do not expect any 'big boom' quarter in the near to mid-term. While we believe Cisco Systems’s recent earnings and guidance disappointments were more company-specific, we acknowledge the prevailing challenges facing governments at the federal, state, and local levels."

For the third quarter, Mlskowitz's outlook is for 8.4 percent growth, down from the prior estimate of 9.1 percent. In the fourth quarter he sees it as much worse, with units sold increasing by 2.9 percent year-over-year, down from the previous estimate of 8.3 percent.

In 2011, full year estimates are for a growth rate of 9.5 percent, down from 10.1 percent.

PC companies have been fighting back by attempting to make up the slack by pushing tablets.

Hewlett-Packard closed Tuesday at $42.19, down $0.66, or 1.54 percent. Dell ended the day at $13.60, losing $0.10, or 0.73 percent. Cisco Systems closed at $19.39, losing $0.04, or 0.19 percent.