Jefferies Reiterates Underperform Rating, $13.25 PT on ADTRAN on Negative Risk/Reward Trade-Off

In a report published Friday, Jefferies reiterated its Underperform rating and $13.25 price target on ADTRAN

. Jefferies noted, “We continue to believe the risk/reward trade-off is negative. Looking into next year, we believe that Adtran faces myriad headwinds including carrier capital spending trends and potential market share losses – we don't believe that these issues are fully baked into the stock at this point. We're maintaining our $13.25 price target and keeping our Underperform rating.” ADTRAN closed on Thursday at $23.01.