Deutsche Bank upgraded Adtran (ADTN) to buy from hold.
Analyst George Notter says he's upgrading to buy from hold on the strength of the third-quarter pre-announcement, which compares with his former estimate of 34 cents earnings per share on $95.1 million revenues. Notter notes faster than expected digital-subscriber line access multiplexer shipments, and improving High-bit-rate digital-subscriber line market share behind the better than expected results.
He says Adtran also recently suggested it's optimistic about taking future High-bit-rate Digital Subscriber Line market share from rival Qwest Communications. He upped the 34 cents third-quarter earnings per share estimate to 36 cents, raised the $1.30 2003 estimate to $1.36, and upped the $1.55 2004 estimate to $1.70.
Also, Notter raised his $50 target to $71.