Adtran price target lowered to $31 from $34 at Cowen

Cowen analyst Paul Silverstein lowered the firm’s price target on Adtran to $31 from $34 and keeps an Outperform rating on the shares. The analyst said the quarter was highlighted by an unchanged strong long-term outlook driven by CSP shift to FTTP Huawei displacement and significant government broadband access subsidies.