Morgan Joseph Maintains a 'Hold' on Ceragon Networks, Ltd. (CRNT); Introduces 2011 Estimates
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Morgan Joseph maintains a 'Hold' on Ceragon Networks, Ltd. (Nasdaq: CRNT), introduces 2011 estimates.
Morgan analyst says, "We are introducing 2011 sales and EPS estimates of $244mm and $0.40, respectively, which reflects 15% revenue growth in 2011 as we expect demand for backhaul to continue increasing with data demand. We are maintaining our 2009 and 2010 revenue and non-GAAP EPS estimates. For 2009, we estimate revenue of $179mm and non-GAAP EPS of $0.16, while for 2010, we estimate revenue of $212mm and non-GAAP EPS of $0.28. Nevertheless, with shares trading at approximately 17x our new 2011 EPS estimate of $0.40, excluding cash per share of $2.92, we continue to believe the stock is fully valued. We will continue to monitor the Ceragon/Clearwire relationship to see if there could be upside to our numbers, but in the meantime, we maintain our HOLD rating."
Ceragon Networks Ltd. engages in the design, development, manufacture, and sale of point-to-point wireless backhaul solutions.
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