ADTRAN Holdings, Inc. reports first quarter 2024 financial results
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Northland Upgrades ADTRAN (ADTN) to Outperform, 'we believe the shares can trade toward the 1X revenue level'
May 8, 2024 7:43 AM EDTNorthland analyst Tim Savageaux upgraded ADTRAN (NASDAQ: ADTN) from Market Perform to Outperform with a price target of $750.00 (from $7.00).
The analyst comments "Combined with declines in opex toward the $90M/Q level this brings operating breakeven in sight for ADTN even without much in the way of revenue uplift with Q224 revs guided flat in the $225M range and operating margin guidance from (3%) to 2%. However, we see a case to be made for a stronger second half as US rural fiber continues to grow into the availability of BEAD funding in CY25... More
