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STOCKS NEWS US-Adtran gains after Citigroup upgrade
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1407 ET 02July2009-Adtran (NASDAQ: ADTN - news) gains after Citigroup (NYSE: C - news) upgrade
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Adtran Inc shares rose on Thursday after Citigroup
upgraded the stock to 'buy' from 'hold' with a $27 price
target.
The firm said the potential for revenue acceleration at
Adtran is 'significant' as the $7.2 billion in broadband
stimulus funds are spent, given the company's exposure to Tier
2 and Tier 3 carriers and its market share in broadband
access.
In contrast, Citigroup maintained its 'neutral' rating on
Tellabs Inc (NASDAQ: TLAB - news) , saying the company's limited exposure to
Tier 2 and Tier 3 carriers suggests the revenue impact from the
stimulus package is less meaningful.
Adtran shares gained 3.4 percent to $23.15 while Tellabs
shed 4 percent to $5.60.
Reuters
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