UPDATE: Jefferies & Company Downgrades ADTRAN to Underperform, Lowers PT
In a report published Friday, Jefferies & Company downgraded its rating on ADTRAN (NASDAQ: ADTN) from Hold to Underperform, and lowered its price target from $21.00 to $17.25.
Jefferies noted, “The business faces numerous headwinds that will, in our opinion, make it difficult for Adtran to meet current expectations for 2013. We think the Street is missing; 1) potentially significant declines in Adtran's market share at CenturyLink and Frontier; 2) the degree to which the HDSL business can still decline (even from current levels); and 3) the degree to which carriers are applying incremental pressure on legacy-, copper-, and TDM-based capital spending.”
ADTRAN closed on Thursday at $20.60.
Latest Ratings for ADTN
|Oct 2016||Northland Securities||Upgrades||Market Perform||Outperform|
|Apr 2016||Goldman Sachs||Downgrades||Neutral||Sell|
|Feb 2016||Cowen & Co.||Upgrades||Underperform||Market Perform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.