November 23, 2009
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CERAGON NETWORKS LTD. (CRNT**)
Analyst: Lawrence M. Harris
Rating – Accumulate
(212) email@example.com Target Price - $12
Ceragon Networks is a producer of high-capacity microwave radio solutions. The use of such radios is
expected to increase as advanced 3G and 4G networks are deployed and data traffic increases. Annual
revenue is $181MM.
Record India Subscriber Growth; AT&T Traffic Robust; Reiterate Accumulate
We are reiterating our Accumulate rating. Our EPS estimates continue at $0.18 for FY09 and $0.44
for FY10. Consensus projections are about $0.17 for FY09 and $0.39 for FY10. In our opinion, the
consensus projections appear to be low. Based on our $0.44 EPS est