UPDATE: Morgan Stanley Downgrades ADTRAN to Equal-Weight - Adtran Holdings (NASDAQ:ADTN)

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Morgan Stanley lowers its rating on ADTRAN (NASDAQ: ADTN) to Equal-weight from Overweight on weak carrier capex. Morgan Stanley notes, "It now appears Q1 could be more back-end loaded than planned on continued weakness in carrier spending. The narrative around ADTN's core business is now more negative heading into the integration of the NSN acquisition and risk / reward is now to the downside."ADTN closed at $35.25 a share on Wednesday.

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