MKM Partners analyst Michael Genovese lowered his price target on Adtran (ADTN) to $17, saying the company's latest earnings report was a "setback" for the company. The analyst says the stock has become a "show-me" story given its the review of its "accounting practices to determine excess and obsolete inventory reserves" and may prompt restatements. Genovese is also concerned with Adtran's weak Q3 revenue guidance amid an infrastructure spending pause of Deutsche Telecom (DTE). The analyst still maintains his Buy rating on Adtran, citing its broadband access deployment opportunities with the two largest U.S. telcos.

"We are off to a strong start in 2024 as we continue to make investments to modernize our electric system so it is more resilient to increasingly extreme weather and more reliable for our customers," said Jerry Norcia, DTE Energy chairman and CEO. "Our highly engaged team is also fundamentally transforming the way we generate power to meet our aggressive carbon reduction goals and Michigan's new clean energy legislation."