Ceragon Networks (CRNT): Raising PT Ahead Of Expected Large Sprint Follow-on Purchases - Needham
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Needham & Company analyst, Alex Henderson, reiterated his Buy rating on shares of Ceragon Networks (NASDAQ: CRNT) ahead of likely follow on purchases to Sprint's initial $4 million deal (4Q) that should come in 2017.
Ceragon announced several large contract wins over the last few months including a $40 million plus deal in Mexico. It announced a win of a $4 million plus order from a US Tier 1 Service Provider, Sprint. The initial $4 million plus order in CY4Q is a small taste of Sprint's overall purchasing need. Ceragon noted they are the "Prime Supplier" leading the analyst to expect substantially larger Sprint orders in CY17.
The PT increases to price target of $3 from $2.50.
Shares of Ceragon Networks closed at $2.64 yesterday.
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