Auriga Reiterates a 'Hold' rating on ADTRAN (ADTN), Lowers Estimates & PT
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Auriga reiterates a Hold rating on ADTRAN (Nasdaq: ADTN), price target slashed to $19.
Auriga analyst says, "Recent reports from ADC Telecom (Nasdaq: ADCT) and Dycom Industries (NYSE: DY) suggest that Verizon’s (NYSE: VZ) capex may come in well below expectations for 4Q09 and, by implication, heading into 2010. We believe this portends increased risk to ADTRAN (ADTN), especially for 2010 estimates. While ADTN’s TA-5000 is more levered to AT&T (NYSE: T) than to Verizon in 1H10, we believe that the risk of this ramp being delayed has now been elevated. We are reducing estimates and lowering our price target on ADTN to $19 from $28...We are lowering our 4Q09 revenue and EPS estimates to $120MM and $0.26 from $125MM and $0.29 (consensus is $122MM and $0.27). For 2010, our revenue and EPS estimates go to $522MM and $1.24 from $540MM and $1.37 (consensus is $541MM and $1.29)."
To see all the upgrades/downgrades on shares of ADTN, visit our Analyst Ratings page.
ADTRAN, Inc. (ADTRAN) is engaged in designing, manufacturing, marketeting and servicing network access solutions for communications networks.
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