Vistance Networks Read-Across from Adtran and Harmonic Earnings Support Aurora Networks’ Growth Outlook; Addressing the M&A Question; Remain Neutral

研报英文原文证据摘录

Vistance Networks Read-Across from Adtran and Harmonic Earnings Support Aurora Networks’ Growth Outlook; Addressing the M&A Question; Remain Neutral

Samik Chatterjee, CFA AC North America Equity Research

(1-212) 622-0798 12 May 2026 J P M O R G A N

samik.x.chatterjee@jpmorgan.com

Company-Specific Downside Risks

Aurora Networks execution and product mix: Missed deployment milestones, an

accelerated roll‑off of legacy CMTS hardware, or continued limited participation in

vCMTS software could depress growth and compress gross margins.

RUCKUS go‑to‑market and international scaling: If incremental sales investments fail

to drive share gains, or international expansion encounters channel/regulatory friction,

expected operating leverage and margin expansion may not materialize

Industry Upside Risks

Accelerated DOCSIS 4.0 adoption and BEAD funding: If cable operators accelerate

their FDX/ESD upgrade timelines to compete with fiber overbuilders, or if BEAD

disbursements are larger and faster than expected, demand for Aurora’s amplifier and node

products could exceed forecasts, driving both revenue upside and favorable operating

leverage.

Stronger WiFi 7 enterprise refresh cycle: A faster than expected enterprise WiFi 7

upgrade cycle, driven by increasing device density, AI-driven edge computing

requirements, or accelerated return-to-office mandates, could drive Ruckus volumes and

ASPs above expectations, particularly in high-density verticals such as stadiums,

hospitality, and education.

Company-Specific Upside Risks

Aurora Networks product cycle expansion: Faster than expected adoption of unified

node and amplifier products, successful competitive displacements, or an accelerated ramp

of the PON/vCCAP business could extend Aurora’s growth runway beyond the current