As reported earlier, Argus analyst Jim Kelleher downgraded Adtran to Hold after its miss on Q1 results and below-consensus outlook for Q1. The analyst further states that the company has pushed out its expectations for a key client conducting a strategic review of spending, leading to revenue decline for its North America segment to an all-time low. Kelleher adds that even once that strategic review is completed, there is no assurance that the company can regain its prior business levels, stating that Adtran's return to sales and earnings growth appear "increasingly distant".