Northland's Top 2022 Picks Comprise Adtran, Harmonic - Read Why

Northland analyst Tim Savageaux listed Adtran Inc ADTN as one of his top picks for 2022.

• Savageaux reiterated his recently raised price target of $35, implying 50.5% upside, and Outperform rating.
• Savageaux cited indications of continued strong 10G PON and market demand from U.S. rural and European alternative carriers.
• Like his other top pick Harmonic Inc HLIT, Adtran's valuation "compares extremely favorably" with rural fiber competitor Calix Inc CALX.
• Savageaux raised the price target on Harmonic to $17 from $15, implying 42.3% upside, and reiterated Outperform. Savageaux noted Harmonic "is set for a breakout year."
• Back-to-back analyst days from CommScope Holding Co Inc COMM and Casa Systems Inc CASA saw them "effectively raising the white flag in next-gen visualized Cable Access." 
• Additionally, Harmonic's "commanding leadership in next-gen visualized and distributed Cable Access has become much clearer."
• Price Action: ADTN shares traded higher by 1.84% at $23.25, and HLIT shares traded higher by 1.62% at $11.95 on the last check Monday.