ADTRAN Holdings, Inc. reports first quarter 2024 financial results

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Go back to ADTRAN Holdings, Inc. reports first quarter 2024 financial results

Northland Upgrades ADTRAN (ADTN) to Outperform, 'we believe the shares can trade toward the 1X revenue level'

May 8, 2024 7:43 AM EDT

Northland 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