Market Overview

UPDATE: Morgan Stanley Downgrades ADTRAN to Underweight on Weak Trends

Related ADTN
A&T To Cut 2015 Cap Ex 14%; Shares Of Suppliers Sink
UPDATE: ADTRAN Q3 Profit Tops Street View

Morgan Stanley reduced its rating on ADTRAN (NASDAQ: ADTN) from Equal-weight to Underweight and established a $12.50 price target.

Morgan Stanley said, "We believe two of Adtran's traditionally largest customers, one of which includes AT&T, have either already completed the builds they were going to do with Adtran or are about to, creating large holes in Adtran's revenue line, while a 3rd, namely the Qwest side of CenturyLink, could begin to do the same next year. The falloff at its two largest customers we believe is likely what is behind the significant Q3 miss and equally weak Q4 guidance, and we do not believe those revs return next year."

ADTRAN closed at $16.19 on Friday.

Latest Ratings for ADTN

DateFirmActionFromTo
Oct 2014Goldman SachsAssumesBuy
Oct 2014JP MorganMaintainsNeutral
Jul 2014MKM PartnersMaintainsNeutral

View More Analyst Ratings for ADTN
View the Latest Analyst Ratings

Posted-In: Morgan StanleyAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (ADTN)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Benzinga Professional