Oppenheimer analyst George Iwanyc upgraded Ceragon Networks (NASDAQ: CRNT) to Buy today and set a price target of $4.50. The company’s shares closed yesterday at $3.04.
Iwanyc noted:
“We’re upgrading and introducing a $4.50 PT. We’ve been positive on Ceragon’s steady execution, IP-20 tech. differentiation (spectrum efficiency, carrier aggregation, TCO advantages), and all-outdoor leadership, while looking for an opportunity to buy into the stock on LT positives from the upcoming 5G build-out (a potential market share driver). With the shares down ~28% since earnings, we believe too much negativism is built into expectations. Our thesis is largely unchanged. We’re bullish on Ceragon’s best-of-breed model and value selling approach (the right customer fit), its ability to capitalize on differentiated technology (the right product), and a strong focus on cost management (the right size). We expect 4G LTE build-outs to provide NT support, with 5G a LT catalyst.”
According to TipRanks.com, Iwanyc is a 3-star analyst with an average return of 14.6% and a 75.0% success rate. Iwanyc covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Juniper Networks, and Pure Storage Inc.
Currently, the analyst consensus on Ceragon Networks is a Moderate Buy with an average price target of $4.50.
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Based on Ceragon Networks’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $3.23 million. In comparison, last year the company had a net profit of $4.98 million.
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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.
