Jefferies Downgrades Adtran to Hold, Lowers PT

In a note out today, Jefferies downgraded shares of Adtran ADTN to hold from buy and lowered its price target on the stock to $29.75 from $36. The new target is still above current levels. "We're reducing our rating on Adtran shares from Buy to Hold. The acquisition presents a major change in growth strategy for Adtran, in our view. The company's willingness to engage in such a risky transaction makes us question our longer term growth assumptions on the core business," Jefferies said in the note.