Netgear shares jump on FCC foreign-made router ban

Shares of WiFi router and network equipment maker Netgear NTGR.O up 8.5% premarket at $23.93 after U.S. Federal Communications Commission said on Mon it was banning the import of all new foreign-made consumer routers, citing national security concerns

The regulator's move is the latest crackdown on Chinese-made electronic gear. China is estimated to control at least 60% of the U.S. market for home routers

FCC's order doesn't impact import or use of existing models, and includes an exemption for routers the Pentagon deems don't pose unacceptable risks

Through Mon close, San Jose, California-based NTGR's shares lost 10% YTD, underperforming Nasdaq's .IXIC 5.6% decline, and off ~40% from their 52-week intraday high of $36.86 from Oct 9

Of 4 analysts covering the stock, 3 rate "strong buy" or "buy", 1 "hold"; median PT $36, per LSEG data