Bank of America Merrill Lynch has published a research report on AdtranADTN The report notes that Adtran's 2Q11 results exceeded estimates.
In the report, Bank of America Merrill Lynch commented, "Broadband Access grew 48% QoQ driven by FTTN (Telmex) and robust uptake for the TA5000, more than offsetting a 17% QoQ decline in HDSL. The silver lining is that HDSL sales look to be at a bottom. Wireless related HDSL are unlikely to be a significant headwind to growth as it is currently an immaterial portion of sales, while the remaining business in HDSL, which is legacy wireline for enterprise, should decline but at a modest pace and over several years."
Bank of America Merrill Lynch rated Adtran a BUY with a price objective of $50.00. Adtran closed yesterday at $36.11.
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