UBS Cuts Price Target and Estimates on ADTRAN (ADTN); Pressing Reset...Visibility Limited
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Price: $8.40 +4.09%
Rating Summary:
12 Buy, 13 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
12 Buy, 13 Hold, 4 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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UBS maintains a 'Buy' on ADTRAN (NASDAQ: ADTN) price target of $28.00 (from $35.00).
Analyst, Nikos Theodosopoulos, said, "Adtran missed 2Q estimates, with guidance for 3Q that also fell short of ests. For 2Q/3Q, we revise Revs/non-GAAP EPS to $184m/$0.38 and $185m/$0.31, compared to our previous estimates of $189m/$0.42 and $216m/$0.54, respectively. The bulk of the earnings shortfall in 3Q relative to our prior expectations is from lower revenues, with limited leverage on opex. Hence, we now forecast 3Q OM at 15% vs. 21.5% previously. Our ‘12/’13E non-GAAP EPS goes to $1.33/$1.77 vs $.1.77/$2.30 previously."
However, Theodosopoulos notes that the Company still has 5.4 million share capacity on its buyback plan and hopes to see management step in aggressively following the sell-off.
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 $23.01 yesterday.
Analyst, Nikos Theodosopoulos, said, "Adtran missed 2Q estimates, with guidance for 3Q that also fell short of ests. For 2Q/3Q, we revise Revs/non-GAAP EPS to $184m/$0.38 and $185m/$0.31, compared to our previous estimates of $189m/$0.42 and $216m/$0.54, respectively. The bulk of the earnings shortfall in 3Q relative to our prior expectations is from lower revenues, with limited leverage on opex. Hence, we now forecast 3Q OM at 15% vs. 21.5% previously. Our ‘12/’13E non-GAAP EPS goes to $1.33/$1.77 vs $.1.77/$2.30 previously."
However, Theodosopoulos notes that the Company still has 5.4 million share capacity on its buyback plan and hopes to see management step in aggressively following the sell-off.
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 $23.01 yesterday.
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