Citizens has reiterated its Market Outperform rating on Aviat Networks, Inc. (NASDAQ: AVNW) and maintained a $30.00 price target after the company released its fiscal second-quarter 2026 financial results. The research house highlighted a string of metrics that topped consensus expectations and noted momentum in order intake.
Aviat reported adjusted EBITDA of $11.3 million, outpacing the consensus estimate of $10.8 million. The company also recorded revenue of $111.5 million, above a cited consensus of $109.7 million, and posted non-GAAP earnings per share of $0.54, improving on an expected $0.50 in one set of consensus figures referenced by Citizens.
Separately, the company’s results were characterized in other reporting as exceeding analyst expectations with EPS of $0.54 versus a forecast of $0.52, and revenue of $111.5 million compared with an expected $110.24 million. The article preserves both sets of consensus comparisons as they were presented in the reporting around the results.
On the commercial side, Aviat recorded its highest level of second-quarter bookings in more than ten years. Citizens’ analyst Rustam Kanga pointed to the second consecutive quarter with a book-to-bill ratio greater than 1.0x as "a promising set-up for 2HYFY26 in the context of an unchanged guidance framework." That combination of stronger bookings and back-to-back book-to-bill improvement was singled out by the firm as a constructive indicator as the company moves into the second half of its fiscal year.
The market reaction was immediate. Aviat Networks stock traded up 7.0% in aftermarket trading following the release of the results. Year-to-date, the shares have appreciated roughly 34%, a notable outperformance versus the Russell 3000 index, which rose about 0.5% over the same period.
Despite the upside to near-term results, Citizens left the company’s fiscal-year guidance framework unchanged while maintaining its $30.00 price target. The firm’s maintained target reflects continued confidence in Aviat’s operating performance and bookings trajectory as reflected in the quarter’s data.
Summary of reported metrics and market response:
- Adjusted EBITDA: $11.3 million (consensus cited at $10.8 million).
- Revenue: $111.5 million (consensus comparisons cited at $109.7 million and $110.24 million in separate references).
- Non-GAAP EPS: $0.54 (compared to $0.50 and $0.52 consensus figures as reported).
- Bookings: highest Q2 level in more than a decade; second consecutive quarter with book-to-bill above 1.0x.
- Stock movement: +7.0% in aftermarket trading; ~34% year-to-date performance versus ~0.5% for the Russell 3000.
The decision by Citizens to maintain its Market Outperform rating and $30.00 target comes amid these mixed but mostly favorable data points. The unchanged guidance framework was noted alongside the stronger-than-expected quarter, and investors and analysts are likely to weigh the booking strength and consecutive above-1.0x book-to-bill read as inputs to future evaluations.