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A U.S. Ban of Huawei Would Reshape the Telecom Market—and Boost These Stocks
https://www.barrons.com/articles ... wai-ban-51550096018
The next salvo in the escalating battle between the U.S. and China could come through an executive order that bans U.S. telecom companies from using equipment from certain foreign companies. Any order would largely be directed at Chinese telecom giant Huawei Technologies. The ban, based on national-security concerns, could be good for Huawei’s rivals, problematic for foreign telecom operators, and worrisome for those keeping tabs on the deepening rift between the two economic superpowers.
The Trump administration is reportedly preparing an executive order for such a ban. The overall effort is aimed at keeping certain foreign-company equipment out of the next generation of wireless networks, or 5G.
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European telecom operators could be among the losers if governments there ban Huawei from their respective networks. Many telecom operators in Germany and Britain use Huawei’s equipment. United Kingdom–based Vodafone Group has said it is temporarily halting purchases of Huawei gear for the core of its 5G network.
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Huawei also dominates optical equipment, and a backlash against the Chinese company could help its two biggest rivals in that business, Nokia and Ciena (CIEN). The impact may show up more in Ciena’s results since it is a pure play in the optical space, Leopold says.
On the router side of the business, Cisco and Juniper Networks (JNPR) could gain some share if telecom operators move away from Huawei. Carriers’ equipment is the main pipeline for data traffic and therefore most vulnerable to a cyberattack or cyberespionage. Both Juniper and Cisco have the advantage of not having much business in China, insulating them from potential retaliation. Leopold rates both companies at Overweight, with a price target of $28 for Juniper and $52 for Cisco, upside of 5% and 9%, respectively. |
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