Northland Capital Markets: Aviat Networks Company Update May 2020

AVNW reported better than expected top and bottom line results for FQ320post close 5/12, driven by continued strength in domestic private networksbusiness and a rebound in Intl carrier revs, and reiterated annual EBITDAtargets for FY20. We initiate FY21 ests that we view as conservative,modeling a return to modest top line growth and margin expansion, continueto see the shares as remarkably undervalued given strong execution andreiterate our OP rating and $20 PT.