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UPDATE: Citigroup Upgrades ADTRAN to Neutral; Execution Removes Bear Case

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Citigroup upgraded ADTRAN (NASDAQ: ADTN) from Sell to Neutral and raised the price target from $12.50 to $23.00.

Citigroup said, "Although we still have longer-term concerns regarding growth, broadband access spending is likely to be at least flat to up in 2013 and the incremental data points/news flow for next three to six months will generally be positive. ADTN is also likely to see gross margin improvement in acquired NSN segment, with op ex likely flattish through '13. Our estimates see generally positive revisions."

ADTRAN closed at $21.96 on Wednesday.

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: CitigroupAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

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