Cisco cutting up to 2,000 jobs-analyst

* Cisco seen cutting 1,500-2,000 jobs

* Seen beating $1bln annual cost cut targets

* Analyst raises CY10 EPS, Rev expectation

* Cisco shares fall 0.7 pct in early trade

NEW YORK, July 10 (Reuters) - Cisco Systems Inc (CSCO.O) is in the process of cutting between 1,500 and 2,000 jobs. according to an report from Thomas Weisel analyst Hasan Imam.

A Cisco representative was not immediately available to comment on the report, which also said that the company could exceed its plan to cut annual costs by $1 billion with job cuts.

"Our checks indicate Cisco is aggressively managing expenses as management navigates through the downturn," Imam said in the research report.

The analyst said that on top of cuts such as reducing travel budgets and cutting variable compensation he believed that "further cuts including a headcount reduction of about 1,500 to 2,000 persons is underway currently."