Jefferies Slashes Estimates and Price Target on ADTRAN (ADTN) After Ugly Quarter; Don't Expect Same For Peers

July 12, 2012 7:56 AM EDT
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Price: $22.15 -1.99%

Rating Summary:
    8 Buy, 15 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Jefferies maintains a 'Hold' on ADTRAN (NASDAQ: ADTN) price target of $21.00 (from $27.00).

Analyst, George C. Notter, said, "We knew the environment for Wireline equipment was really deteriorating but we were still surprised by how soft Adtran’s guidance was for Q3. Perhaps more importantly, we don’t necessarily think Adtran is a “canary in the coal mine” for every other equipment vendor. The company, in our view, is much more heavily exposed to those areas of Wireline spending that are faring the worst right now."

FY12 EPS estimate cut from $1.37 to $1.10 and revenues from $737M to $688.6M. FY13 revenue and EPS estimates go from $808.9 million and $1.90 to $720 million and $1.25.

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 $23.01 yesterday.

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