Analyst Ratings for ADTRAN (ADTN)

Overall Rating: NEUTRAL Rating Trend: Down

Avg. $ Target: $23.21 (+1.8%)

Date	Firm	Type	Rating (Past)	PT (Past)	Start $	End $	% Chg.	Details
5/7/2013	Cowen	New Coverage	Underperform (N/A)	N/A (N/A)	21.79	22.79	4.59%	Details
3/22/2013	Raymond James	Upgrade	Market Perform (Underperform)	N/A (N/A)	19.07	22.79	19.51%	Details
3/18/2013	Mizuho Securities	Downgrade	Neutral (Outperform)	18.00 (26.00)	20.42	22.79	11.61%	Details
2/28/2013	Stephens	Downgrade	Equal Weight (Overweight)	25.00 (N/A)	22.95	22.79	-0.7%	Details
1/17/2013	UBS » Updated 4/11/2013	Downgrade	Sell (Neutral)	19.00 (17.00)	21.96	22.79	3.78%	Details
1/17/2013	Citi	Upgrade	Neutral (Sell)	N/A (N/A)	21.96	22.79	3.78%	Details
12/14/2012	JPMorgan	New Coverage	Neutral (N/A)	19.00 (N/A)	19.30	22.79	18.08%	Details
10/17/2012	Goldman Sachs	Upgrade	Neutral (Sell)	14.00 (N/A)	15.80	22.79	44.24%	Details
10/8/2012	Morgan Stanley	Downgrade	Underweight (Equalweight)	N/A (N/A)	16.19	22.79	40.77%	Details
10/5/2012	Barclays	Downgrade	Underweight (Equalweight)	N/A (N/A)	16.67	22.79	36.71%	Details
10/1/2012	Argus	Downgrade	Hold (Buy)	N/A (N/A)	17.28	22.79	31.89%	Details
9/28/2012	BofA/Merrill Lynch	Downgrade	Underperform (Buy)	15.00 (N/A)	19.16	22.79	18.95%	Details
9/7/2012	Jefferies » Updated 4/11/2013	Downgrade	Underperform (Hold)	17.50 (13.25)	20.60	22.79	10.63%	Details
8/23/2012	Credit Suisse	Downgrade	Underperform (Neutral)	N/A (N/A)	22.88	22.79	-0.39%	Details
7/12/2012	Avondale Partners	Downgrade	Market Perform (Market Outperform)	N/A (N/A)	23.01	22.79	-0.96%	Details

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