HSTX helps turn up the heat on competitors in the IP segment.
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Ceragon Networks Slips on Downgrade
Thursday October 4, 11:23 am ET
Ceragon Networks Declines As Analyst Downgrades Stock, Citing Run-Up in Share Price
NEW YORK (AP) -- Shares of wireless technology company Ceragon Networks Ltd. declined Thursday morning after an Oppenheimer analyst downgraded the stock, citing a recent run-up in share price.
Ceragon declined $1.66, or 8.9 percent, to $16.93 in morning trading, after analyst Lawrence Harris cut his rating to "Neutral" from "Buy." Harris noted that the stock has topped his $18 price target and gained more than 200 percent over the past six months.
"In the near-term, it is difficult to envision significant upside to the share price," Harris wrote in a client note, but said he remains upbeat on the company's long-term business prospects.
However, Harris warned that competition may heat up in the Internet Protocol segment over the next several years from competitors such as Dragonwave Inc., LM Ericsson Telephone Co., and Harris Stratex Networks Inc. |
