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Deutsche Bank Upgrades Adtran to 'Buy'

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.

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