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Deutsche Bank Raises Estimates on Adtran

Deutsche Bank raised its estimates and price target on Adtran (ADTN).

Analyst George Notter says Adtran's DSLAM ramp is even faster than he thought. He notes Adtran is still citing HDSL market gains, and says Enterprise business appears to be picking up.

Notter says there's several scenarios still capable of driving Adtran's earnings power higher then he's estimated. He raised the $380 million 2003 revenue estimate to $392 million, and upped the $1.36 2003 earnings per share estimate to $1.45.

Notter also raised the $429 million 2004 revenue estimate to $441 million, and upped the $1.70 2004 earnings per share estimate to $1.80. He raised the $71 target to $77.

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