UPDATE: Jefferies Reiterates Underperform Rating, Raises PT on ADTRAN Following Mixed Q2 Results

In a report published Thursday, Jefferies analyst George C. Notter reiterated an Underperform rating on ADTRAN ADTN, and raised the price target from $17.50 to $19.00. In the report, Jefferies noted, “Adtran's Q2 results were mixed with strong top line results and less exciting margin performance. We continue to believe that the risk/reward is biased to the downside for investors as the stock already reflects a very positive business outlook.” ADTRAN closed on Wednesday at $23.47.