Jesup & Lamont Downgrades Ceragon Networks (CRNT) to Hold; Time to Take Profits
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Jesup & Lamont downgrades Ceragon Networks Ltd. (Nasdaq: CRNT) to Hold.
Jesup analyst says, "Despite the bullish news, we think the recent run in Ceragon shares offers investors an opportunity to take some money off the table. Keep in mind that Ceragon is scheduled to report earnings on Oct. 26, and we think the company should meet or beat our $44M and $0.04 estimates. However, now at $9.45 and up 31% since our July 23 initiation (versus an 10% Nasdaq gain over the period), trading at 27x our $0.35 FY10 EPS estimate, and cruising right through our $9.00 price target (based on 25x) beckons reflection and demands contemplation. Our 2010 estimates already incorporate 25% growth, which given Ceragon’s great operating and execution history could prove conservative; however, the outlook for the global economy is mixed with many thinking a sharp “V” shaped recovery is less likely and a gentler improvement more likely. We suggest cashing in some chips until the company provides more insight to its future in the upcoming 3Q quarterly report."
To see more analyst ratings on CRNT Click Here.
Ceragon Networks Ltd. engages in the design, development, manufacture, and sale of point-to-point wireless backhaul solutions.
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