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UPDATE: Citigroup Downgrades Adtran Technology; Lowers PT

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According to a research report published Thursday, Citigroup has downgraded Adtran Technology (NASDAQ: ADTN) 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.

Latest Ratings for ADTN

DateFirmActionFromTo
Jul 2017NeedhamMaintainsBuy
Apr 2017Argus ResearchUpgradesHoldBuy
Oct 2016Northland SecuritiesUpgradesMarket PerformOutperform

View More Analyst Ratings for ADTN
View the Latest Analyst Ratings

Posted-In: CitiAnalyst Color Downgrades Price Target Analyst Ratings

 

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