Jefferies Maintains Hold on ADTRAN (ADTN) Following Q1 Results, Cuts Estimates

Jefferies lifted its price target on ADTRAN (NASDAQ: ADTN) from $29.75 to $34, but lowered estiamtes and reiterated its Hold rating following Q1 results that were in-line with pre-announced results.

"The results don't change our larger concerns surrounding the pending acquisition of the NSN Broadband business," the firm said. "We continue to believe the risk/reward in the stock is evenly balanced."

Q2 EPS goes from $0.54 to $0.39M FY12 EPS goes from $1.88 to $1.66 and FY13 goes from $2.20 to $2.10.

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 $30.73 yesterday.

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