Morgan Stanley Reiterates Equal-Weight Rating for ADTRAN
In a report published earlier today, Morgan Stanley reiterated its Equal-Weight rating for ADTRAN, Inc. (NASDAQ: ADTN), but did not name a price target.
Morgan Stanley said in its report “While ADTRAN reiterated that order rates had ‘substantially' improved in March and offered relatively solid q/q growth outlook in the “low to mid 20%” range, we continue to be more cautious on the company's core business heading into the cloud of the NSN acquisition while the recent weaker trends in Europe could impact the NSN business as well. To wit, the annualized runrate for the NSN business based on the Q2 guidance on the company's latest conference call is ~$144M, at the lower end of the prior $140-180M guidance range, due, we believe, mostly to uncertainty in Europe, especially NSN's exposure to Deutsche Tekecom in Germany, which typically accounts for 20% or more of NSN Broadband's revenue.”
ADTRAN, Inc. closed yesterday at $30.30.
Latest Ratings for ADTN
|Feb 2016||Cowen & Company||Upgrades||Underperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.