Auriga Downgrades ADTRAN (ADTN) to Hold; Valuation Call
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Auriga downgrades ADTRAN (Nasdaq: ADTN) from Buy to Hold. Price target increased to $28 from $26.
Auriga analyst says, "No doubt to us that euphoria regarding an economic rebound continues to drive the tech sector, with ADTN’s stock having been a solid participant throughout 2009. However, we still believe that the company’s customers, the Baby Bells, will not see a rebound in their businesses until the unemployment rate recovers, which could be several quarters hence. Thus, we see carrier capex as flattish for 2010, representing some headwinds for the equipment group. We feel these macro trends may limit upside to 2010 earnings. With ADTN’s valuation already at 19x our 2010 estimates, which is close to its historical five-year average, we believe a neutral rating is warranted."
To see more analyst ratings on ADTN Click Here.
ADTRAN, Inc. designs, manufactures, markets, and services network access solutions that enable voice, data, video, and Internet communications across copper, fiber, and wireless networks in the United States and Internationally.
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