Adtran downgraded to Neutral from Buy at Rosenblatt

Rosenblatt downgraded Adtran (ADTN) to Neutral from Buy with a price target of $7, down from $11. The analyst cites the company’s high exposure to telecom and Europe for the downgrade. The firm believes Adtran saw broad deceleration in orders across geographies and customer tiers in September, and that visibility is “particularly challenged.” Rosenblatt prefers Calix (CALX) in broadband access, saying the company has much stronger subscriber solutions products, and it prefers Ciena (CIEN) and Infinera (INFN) in optical, because they have much higher exposure to data center interconnect.