Cambium Networks Corp. (CMBM) PT Raised to $52 at Jefferies After EPS Beats by 41%

Jefferies analyst George Notter raised the price target on Cambium Networks Corp. (NASDAQ: CMBM) to $52.00 (from $50.00) highlighting the company as a play on rural broadband in the U.S. and abroad. Cambium reported $82.8M / $0.38 that topped consensus of $76.9M / $0.27 driven by very strong PMP results while the PTP side of the business continues to tread water. For Q1, Cambium guided above consensus with sales of $83M (mid-point) and 30-34c in EPS (Street = $73M and $0.22) – the 3rd consecutive quarter where they’ve guided up meaningfully vs. Street.

The analyst reiterated the Buy rating, stating "The organization began shipping their 60 GHz cnWave product in December with their 28GHz, 5G product expected around mid-year. Separately, they expanded the PMP 450 product line with the 450b and 450 microPoP products. They also released the cnMaestro X network management platform – a more fully-featured version of cnMaestro. The platform is interesting as the organization is working to move customer onto a SaaS subscription model (the prior cnMaestro platform was free to customers up to 10,000 subscribers). Assuming they get reasonable adoption, cnMaestro X could be an interesting lever for the business".

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