Ceragon Networks (CRNT) PT Raised to $6 at Needham

Needham analyst Alex Henderson raised the price target on Ceragon Networks (NASDAQ: CRNT) to $6.00 (from $4.50) while maintaining a Buy rating.

The analyst commented: "We adjust our near-term NG GM down ~100 BPs to more reflect the current strength in the lower margin India business that is expected to ramp in 1H25. As a result we update our F24/F25 EPS to $0.37/$0.38 from $0.39/$0.43. However, we expect a gradual recovery in GMs as Revenues are forecasted to grow further in 2025 on improving visibility.

We see management optimism built on order flow and a robust pipeline of opportunities that includes Europe share gains vs Chinese suppliers, share gains in private network builds, and wins with new products coming to market in F25. We increase our Price Target to $6.00 from $4.50, based on an EV/E multiple of 15x our F25 estimate."

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