Needham & Company Starts Ceragon Networks (CRNT) at Strong Buy

December 9, 2013 6:56 AM EST
Get Alerts CRNT Hot Sheet
Price: $3.32 -2.64%

Rating Summary:
    3 Buy, 7 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Needham & Company initiates coverage on Ceragon Networks (NASDAQ: CRNT) with a Strong Buy rating and $8 price target, suggesting 217% upside from Friday's close.

"We believe the confluence a low valuation, a major new product cycle, aggressive cost-cutting program and a firming end market will provide investors with strong returns on an investment in Ceragon shares," analyst Alex Henderson comments.

Henderson notes shares are down from $5.50 a year ago and $9.50 18 months ago. It is trading at a slight 0.3x P/S and 5.0x EV/E on our CY15 estimate, or like a company likely to lose money for an extended period and are unlikely to grow in the future. However, they profitability for CRNT near term, orders accelerating and solid double-digit growth within 18 months.

For an analyst ratings summary and ratings history on Ceragon Networks click here. For more ratings news on Ceragon Networks click here.

Shares of Ceragon Networks closed at $2.52 yesterday.

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