) from Buy to Neutral, and lowered PT from $35 to $25. In the report, Citigroup said, "We upgraded Adtran in 2009 on our the view of a positive uptick in the government Broadband Stimulus spending coupled with a forward looking favorable outlook on broadband access equipment and enterprise networking spend. We are now downgrading Adtran shares to Neutral as we believe stimulus spending is likely to peak in 2013 while a challenging carrier and enterprise capex spending coupled with the risk of continued margin pressures (from the NSN integration) will weigh on investor sentiment in the near term." Adtran Technology closed Wednesday at $23.01.