Share price has certainly under-performed the market recently. Probably with good reason given the problems in Argentina and Venezuela. We know 40% of sales last quarter were in South America but we don't know how much in those two countries. We also don't know the assets residing in those locations.
Did you see the Colgate press release on the impact of Venezuelan devaluation? It is safe to say that relative to company size Ceragon has far more exposure. Then again, I suppose it is possible that they have more flexibility than a consumer goods company.
Brazil has been reporting bad economic news too but nothing terrible like Venezuela and Argentina. Longer term Ceragon should be good but it could be a really ugly three to six months.