22.12.05 :-1, (50) initiated 'hold' at Deutsche Bank with a price target of 52 pence, dealers said. In a note to clients, the broker said Spirent's disposal of its Network Products division will allow it to focus more on its core communications business. The communications' test and monitoring markets are poised to enjoy healthy growth in the next few years and Spirent is well-positioned to take advantage of the same via its exposure to key growth technologies and its relationship with leading equipment vendors and operators, it added. However, the challenge of efficiently investing its surplus cash poses significant near-term risks, in particular for further earnings dilution from acquisitions.
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