Belden: RUCKUS Acquisition Completes The IT/OT Network Stack

Belden Inc. stock rated Buy at $172 on RUCKUS acquisition upside: IT/OT platform, margin accretion, and FY26 outlook. Click for this BDC update.

Belden Inc. (BDC) may be in a position to realize durable growth over the coming years following the acquisition of RUCKUS, creating a more complete network platform solution. With minimal customer overlap, Belden may be in Summary - Belden Inc. is rated Buy at $172/share, driven by the RUCKUS acquisition and its unified IT/OT network platform strategy. - RUCKUS expands Belden’s global customer base and enables cross-selling with minimal overlap, supporting Industry 4.0 and physical AI deployment.

- RUCKUS is expected to be margin-accretive, targeting a 60% gross margin and a 20% aEBITDA margin, with management guiding a $710M revenue forecast for eFY26. - BDC’s leverage may rise to approximately 5.81x net debt/aEBITDA in order to finance the acquisition, but management aims to reduce this to 3.6x by the end of eFY26. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in BDC over the next 72 hours.

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