Goldman Sachs Downgrades ADTRAN (ADTN) to Sell

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Goldman Sachs downgraded ADTRAN (NASDAQ: ADTN) from Neutral to Sell with a price target of $29, suggesting 14% downside.

The firm said Street estimates are a bit optimistic. They see capex spending at top customers declining in 2012, potential share loss at Qwest and Frontier, and expect the gross margin to decline.

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 $33.83 yesterday, with a 52 week range of $25.46-$47.70.

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