Adtran price target lowered to $12 from $15 at Needham

Needham analyst Ryan Koontz lowered the firm’s price target on Adtran to $12 from $15 but keeps a Buy rating on the shares after its Q2 results. Below-consensus guidance was primarily due to new softness in European carrier spending and to a lesser degree customer optical inventory, the analyst tells investors in a research note, noting that Adtran management remains confident in medium- and long-term market drivers returning the company to growth.