Jefferies Downgrades ADTRAN (ADTN) to Underperform; Expectations for 2013 Down

Jefferies downgraded ADTRAN (NASDAQ: ADTN) from Hold to Underperform with a price target of $17.25 (from $21.00).

Analyst, George C. Notter, said, "We think the risk/reward trade-off is negative. Looking into next year, we believe that Adtran faces myriad headwinds including carrier capital spending trends and potential market share losses."

FY12 EPS estimate lowered by $0.01 to $1.09 and FY13 lowered by $0.20 to $1.05.

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 $20.60 yesterday.

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