Needham & Company Maintains a 'Hold' on ADTRAN (ADTN); Level of Rebound Remains Unclear

March 19, 2012 7:38 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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Needham & Company maintains a 'Hold' on ADTRAN (NASDAQ: ADTN).

Analyst, Richard Valera, said, "We find recent concerns of a weak 1Q12 that had pressured ADTN shares to have been well founded, as the company pre-announced a 1Q miss of surprising magnitude. Although a significant portion of the miss was apparently due to timing/temporary issues, it remains too soon to call what level revenue will rebound to. Acknowledging the shares look inexpensive assuming revenue/earnings rebound to historical levels, given the uncertainty regarding the magnitude/timing of this rebound we maintain our rating."

Needham lowers FY12 EPS estimate fro $2.35 to $2.10 and FY13 from $2.61 to $2.58.

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 $30.60 yesterday.

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