Needham & Company Upgrades ADTRAN (ADTN) to Buy

Needham & Company upgraded ADTRAN (NASDAQ: ADTN) from Hold to Buy with a price target of $21.00, citing the start of a multi-year NA broadband cycle.

Analyst Richard Valera commented, "ADTN delivered solid 4Q15 results driven by strength in its NA BBA business and offered bullish commentary regarding expectations for NA strength continuing to build in 2016. We believe ADTN is well positioned to benefit from what we see as a multi-year ramp in broadband spending by NA carriers as they benefit from multiple phases of the CAF 2 program, ramp of significant new programs already won and a generally more aggressive spending stance by NA telcos as they deal with competition from cable MSOs and Google, among others. As such, we upgrade ADTN to Buy from Hold and establish a PT of $21, or 15x our ex-cash '17 NG EPS."

For an analyst ratings summary and ratings history on ADTRAN click here. For more ratings news on ADTRAN click here.

Shares of ADTRAN closed at $17.90 yesterday.

You May Also Be Interested In

• Definium Therapeutics Inc (DFTX) PT Raised to $60 at Oppenheimer
• Regenxbio Inc. (RGNX) PT Raised to $18 at Leerink
• UnitedHealth Group (UNH) PT Lowered to $197 at TD Cowen