ADTRAN (ADTN) PT Raised to $18 at MKM Partners Following 4Q

MKM Partners analyst Michael Genovese raised the price target on ADTRAN (NASDAQ: ADTN) to $18.00 (from $17.00) while maintaining a Buy rating following the company's 4Q report. Revenues came in at $140mn, or $5mn above forecasts, including $3mn from the new SmartRG connected home technology acquisition. EPS of ($0.12) missed ($0.05) estimate due to losses on the company's equity investment portfolio.

Management directed 1Q19 revenues to $140mn-$142mn, or +17% y/y and +1% q/q at the mid-point, compared to prior $132mn estimate. Genovese sees this as a much more specific and narrow revenue guidance range than the company typically gives.

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