Oppenheimer analyst George Iwanyc maintained a Buy rating on Ceragon Networks (CRNT) today and set a price target of $5. The company’s shares opened today at $4.70, close to its 52-week high of $5.04.
“Ceragon reported a solid 4Q18 ahead of expectations, reflecting continued good execution and steady market trends outside of India. Positively, Ceragon’s BtB was >1 and its seeing share gains across several regions (Latin in some verticals in North America. Continued 4G expansion and early 5G activity bodes well for 2019-20 (steady YoY sales, more net income expansion), in our view, though 1Q19 is showing a bigger sales decline than we expected due to a pause in India/seasonality. We’re adjusting our model accordingly, noting that management expressed good visibility into 2Q-3Q19 improvement as India installations normalize. Maintain Outperform, raising PT to $5.00 from $4.50. Our thesis is unchanged; we’re positive on more share gains/net income expansion driven by steady execution, tech. differentiation, and all-outdoor leadership.”
According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 9.9% and a 66.7% success rate. Iwanyc covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Juniper Networks, and Radware Ltd.
Ceragon Networks has an analyst consensus of Moderate Buy, with a price target consensus of $4.70.
See today’s analyst top recommended stocks >>
Based on Ceragon Networks’ latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $6.15 million. In comparison, last year the company had a net profit of $7.21 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Ceragon Networks Ltd. engages in the provision of wireless backhaul solutions. Its products include radio units, management systems, small cell hauling, packet and hybrid microwave, and long haul solutions. The company renders transmission capacity to mobile and fixed-line carriers, and private network operators.