Ceragon Networks is a buy right now, this analyst says

Roth Capital Markets analyst Scott Searle maintained his “Buy” rating and $3.75 target on Ceragon Networks (Ceragon Networks Stock Quote, Chart, News, Analysts, Financials NASDAQ:CRNT), saying strong demand in private networks, India and Europe should offset near-term cost pressure from memory and currency.

“General demand trends remain positive across multiple end markets,” Searle said in an April 19 update, pointing to private networks, India and growing opportunities in Europe. He said Ceragon’s broader product portfolio, including E-Band and Siklu, along with managed services and Nokia’s reduced focus on wireless transmission, is creating share-gain opportunities and supporting a 2026 sales outlook that could trend toward the middle of guidance rather than the low end.

Searle said private network demand remains healthy and diversified, citing $10-million of recent orders across multiple customers. He added that interest in E-Band is rising and that Ceragon’s 4G and 5G private network deployments suggest the company is moving further into managed services, which could support higher margins and more recurring revenue over time.

In India, Searle said demand remains solid and is tracking at or above 2025 levels, helped by strong activity from Bharti and additional E-Band opportunities. He also said Nokia’s planned exit from wireless transmission is opening the door for Ceragon to gain share. In Europe, where Ceragon has historically been underrepresented, he said the company’s product set and Nokia’s weaker commitment are creating opportunities with Tier 1 operators that could begin contributing more meaningfully in late 2026 and 2027.

Searle acknowledged that memory costs and a roughly 10% appreciation in the shekel this year are creating pressure on gross margin and operating expenses, with freight, shipping and other input costs adding to the headwind. Still, he said demand should more than offset those pressures. He also highlighted the January hiring of former Qualcomm and Nokia Labs executive Ori Shentel as chief technology officer, saying the move is underappreciated and should strengthen Ceragon’s long-term product roadmap.

Searle said Ceragon should generate Adjusted EBITDA of $35.5-million on revenue of $358.2-million in fiscal 2026, improving to Adjusted EBITDA of $42.1-million on revenue of $382.7-million in fiscal 2027.

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