UPDATE: Goldman Sachs Upgrades ADTRAN to Neutral, Raises PT
In a report published Wednesday, Goldman Sachs Group upgraded its rating on ADTRAN (NASDAQ: ADTN) from Sell to Neutral, and slightly raised its price target from $13.00 to $14.00.
Goldman Sachs noted, “We are upgrading Adtran's shares to Neutral from Sell, as we believe that, following significant stock underperformance and several consecutive misses, Street estimates may have overshot to the downside. The Street is now modeling $0.78 in EPS for 2013, below our $0.86 estimate, based on a view that revenues will decline again in 2013 after a 14% drop in 2012. By contrast, we are modeling a 4.6% rise in revenues, driven by a full year of the NSN acquisition offsetting organic declines. Shares are -53.3% vs. the S&P500 +15.7% since being added to the Sell List on 12/5/11. Over the past 12 months, shares are -50.4% vs. the S&P 500 + 18.8%.”
ADTRAN closed on Tuesday at $15.80.
Latest Ratings for ADTN
|Oct 2014||Goldman Sachs||Assumes||Buy|
|Oct 2014||JP Morgan||Maintains||Neutral|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.