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Adtran shares up after Citigroup upgrade
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NEW YORK - Shares of communications equipment maker Adtran Inc. rose Thursday, bucking the stock market's direction, after it was upgraded by a Citi Investment Research analyst.
The stock rose 64 cents, or 2.9 percent, to $23.03 in morning trading.
Analyst Jim Suva raised his investment rating on Adtran to "Buy" from "Neutral" in a morning note, saying it is set to benefit from the federal government's $7.2 billion program to increase the reach of broadband.
A quarter of Adtran's sales go to smaller phone companies that are expected to benefit the most from the broadband stimulus program, Suva wrote. He set a price target of $27 on its shares.
Adtran is based in Huntsville, Ala.
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