UPDATE: Stifel Nicolaus Lowers PT on ADTRAN to $35

Stifel Nicolaus is out with its report today on ADTRAN

, lowering its PT from $48 to $35. In its report, Stifel Nicolaus writes, "Our new target price of $35 is based on 15x our 2012 EPS estimate. Risks to our target include a continued decline in carrier capital spending that could result in many projects that ADTRAN has been selected for being delayed or cancelled, which could impact revenues." Stifel Nicolaus maintains Buy on ADTN. At the time of posting, shares of ADTN were trading at $28.88, down 2.30% from Wednesday's close.