UPDATE: Barclays Downgrades ADTRAN (ADTN) to Equalweight; Less Compelling At Current Levels

(Updated - July 3, 2012 12:06 PM EDT)

Barclays downgraded ADTRAN (NASDAQ: ADTN) from Overweight to Equalweight with a price target lowered from $35 to $32.

Analyst, Jeff Kvaal, sees ADTN's organic growth rate sliding down to single digits and now the company's multiple (12x) is not as compelling. Kvaal drops FY12 EPS estimates from $1.66 to $1.60 and FY13 from $2.19 to $2.12.

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 $29.55 yesterday.

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