ADTRAN (ADTN) PT Raised to $14 at Needham

Needham analyst Ryan Koontz raised the price target on ADTRAN (NASDAQ: ADTN) to $14.00 (from $11.00) while maintaining a Buy rating.

The analyst commented, "ADTN reported 4Q24 revenue of $243MM (+7.7% y/y, +6.7% q/q) and NG operating margin of 3.3% which were both above consensus. 4Q results reflect momentum coming off a bottom in 3Q which mgt expects to translate into a rare sequential increase in 1Q25. Reaching positive NG net income for the first time in 8 Qs demonstrates mgt's efforts to drive out costs through the recent industry-wide downturn. Although BEAD timing remains uncertain, mgt's visibility into F25 demand and focus on strengthening the balance sheet are strong stock tailwinds. We raise our F25 revenue estimates and our PT to $14 on higher confidence in growth and execution."

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