Ceragon Networks (CRNT) PT Raised to $5.25 at Needham & Company

August 2, 2021 1:12 PM EDT
Get Alerts CRNT Hot Sheet
Price: $3.67 -0.54%

Rating Summary:
    5 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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Needham & Company analyst Alex Henderson raised the price target on Ceragon Networks (NASDAQ: CRNT) to $5.25 (from $4.75) while maintaining a Buy rating.

The analyst commented, "Ceragon is winning substantial new business, penetrating US and EMEA with superior technology and gaining share in India. These dynamics are being partially masked by higher supply costs and availability constraints. Ceragon posted a much stronger than modeled result for the quarters and built considerable backlog again. Management also noted they are starting to see signs of the Supply constraints easing. These dynamics suggest solid upside to our CY21 estimates and solid upside to our CY22 forecast. With supplies still tight and our visibility into improvements limited, we are simply maintaining our forecast for CY22 and CY23, though the bias is to accelerated growth and a return to higher GMs as the supply and airfreight costs normalize. We are increasing our Revenue estimates on the strong orders, but maintaining our EPS."

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