Canaccord Genuity Downgrades Ceragon Networks (CRNT) to Hold following Q3 Miss

Canaccord Genuity downgraded Ceragon Networks (NASDAQ: CRNT) from Buy to Hold with a price target of $5.00 (from $10.00).

The firm comment, "While Ceragon Networks continues to execute on its business plan post the successful NERA acquisition and we believe Ceragon remains well-positioned as the leading independent microwave backhaul provider, our checks and Ceragon's sales forecasts both point to soft carrier spending levels for the next nine to 12 months. Despite Ceragon's plans to accelerate cost savings programs, we are downgrading Ceragon Networks from Buy to HOLD and lowering our price target to $5 based on our reduced 2013 sales and earnings estimates."

Due to materially lower sales guidance for Q4/12 and 2013, the firm is lowering 2012 pro forma EPS estimate from $0.44 to $0.24 and 2013 estimate from $0.76 to $0.38.

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 $5.25 yesterday.

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