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Fly News Breaks for April 19, 2018
CTL, ADTN
Apr 19, 2018 | 09:33 EDT
Needham analyst Richard Valera lowered his price target on Adtran (ADTN) to $18 after the company's Q1 earnings miss and lower than expected Q2 outlook. The analyst points to continued slowdown at Adtran's key customer CenturyLink (CTL), adding that its vectoring revenue is unlikely to return to normal. Despite those challenges, Valera points to Adtran management expressing confidence in the ramp of "several programs" that should drive improved earnings in the second half of this year and in 2019, keeping his Buy rating.
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