Ceragon Networks price target raised to $6 from $4.50 at Needham

Needham analyst Ryan Koontz raised the firm’s price target on Ceragon Networks (CRNT) to $6 from $4.50 and keeps a Buy rating on the shares. The firm is reducing its near-term gross margin outlook by 100bps to more reflect the current strength in the lower margin India business that is expected to ramp in the first half of FY25, though it also expects a gradual recovery in gross margins as revenues are forecasted to grow further in 2025 on improving visibility, the analyst tells investors in a research note. Needham adds that Ceragon’s optimism is built on order flow and a robust pipeline of opportunities that includes Europe share gains vs Chinese supplier.