Ceragon Networks

CRNT · NASDAQ

$1.99−$0.02 (−1.00%)TodayMarket closed · Oct 20, 5:27 PM ET

Prev close $2.01

CRNT analyst rating

BuyConsensus of 2 analysts over the last 12 months. 100% rate it a buy.

Strong buy0
Buy2
Hold0
Underperform0
Sell0

12-month price target · 8 analysts

Average $4.93 (+147.7% upside)

Low: $3.03
Now: $1.99
High: $9.45

Upgrades and downgrades

The latest rating actions, newest first

CRNT analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Aug 11, 2026	Maintains	Buy	$3.00	50%
Needham	May 20, 2026	Maintains	Buy	$3.00	50%
Lake Street	Mar 31, 2026	Initiates	Buy	$3.50	—
Needham	Nov 12, 2025	Maintains	Buy	$3.00	50%

The case for and against

Updated Oct 16, 2026

Bull case

Ceragon Networks is benefiting from accelerating India demand, where sales rose 83% y/y to $45.1MM and bookings exceeded $120MM YTD for 2026, supporting a stronger revenue trajectory in 2Q26 and beyond. Revenue of $93.9MM beat consensus, while positive EPS of $0.02, healthy North America growth, and a growing pipeline from new product wins and tier 1 traction point to improving operating leverage and a larger addressable market. Although gross and operating margins were pressured by mix and component costs, the company’s reiterated F26 revenue outlook, solid backlog, and expanding 4G/5G, FWA, and services footprint underpin a constructive fundamental view.

Bear case

Ceragon Networks is facing a negative fundamental setup as sales weakened sharply in its two key geographies, with NA revenue down 24% y/y to $20.7MM and India sales down 30% y/y to $29.8MM, while component supply delays are pushing shipments from 2Q into 3Q and even into 2H26 for some NA revenue. Gross margin and operating margin are under pressure from an unfavorable mix shift toward India, industry-wide component cost increases, and FX headwinds, prompting management to cut NG OM guidance to 5.0%-6.0% from 6.5%-7.5% and NG GM to 33.5%-34.5% from about 35.5%. Cash generation also softened, with CFO at $5.1MM versus $6.5MM last quarter and $10.8MM a year ago, and FCF falling to $1.7MM from $10.8MM, underscoring weaker operating momentum despite reiterated F26 revenue guidance of $355MM-$385MM.

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