ADTRAN (ADTN) PT Raised to $25 at Needham & Company Following 2Q Report

Needham & Company raised its price target on ADTRAN (NASDAQ: ADTN) to $25.00 (from $24.00) while maintaining a Buy rating following the 2Q report. 2Q revenue was $184.7MM, ahead of consensus of $182.7MM. EPS of $0.30 also exceeded the $0.24 consensus, with a ~$0.01 benefit from a lower tax rate.

Management guided to revenue, GM, op-ex and tax rate flattish vs. 2Q17, seemingly putting both slightly ahead of prior consensus of $182.9MM of revenue and $0.28 NG EPS. Beyond the healthy results and guidance, analyst Richard Valera feels that the call highlighted a near and longer-term pipeline of wins and trials that is as robust as anything the company has seen in the last several years.

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