Ceragon Networks (CRNT) has been upgraded today by the securities research analysts at investment firm Brigantine which raised Ceragon from a “hold” rating to “buy.” Brigantine’s price target performance outlook has CRNT fixed at $14 dollars. Brigantine noted that part of their buy rating is based on decreased likelihood of further contingency mishaps and pointed out their belief that the company has reviewed approximately 95% of company operational interests.
CRNT just completed three consecutive days of gain after bearish momentum finally slowed at the end of trading last week. There is notable support located at the $10.12/$10.13 price level region and traders are hesitant to have shares drop below this area for now. Coupled with today’s buy rating it would not be unusual for shares to gap north when the market opens about 20 minutes from now.
Ceragon is slated to release their next earnings report on August 1st, 2011, and the current consensus EPS estimate is expected to be of a negative 2 cents. Ceragon last earnings report was released on May 16th, 2011, and announced negative EPS of 2 cents with revenue totaling $100.3 million which was up 68.0 % year to year. CRNT is currently trading below its 50 & 200-day moving averages and 2011 is currently a down year for the company.
Ceragon Networks Ltd. is a premier wireless backhaul specialist providing solutions that enable cellular operators and other wireless service providers to deliver voice and data services. The company has market capitalization of $356,595,200 and 34,288,000 shares outstanding. CRNT has a 52-week high of $14.34 with the low being $7.13 dollars.
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