Adtran price target raised to $13 from $10 at Northland

Northland raised the firm’s price target on Adtran (ADTN) to $13 from $10 and keeps an Outperform rating on the shares. Revenue at Adtran inflected higher and ahead of expectations in Q4 with sequential growth expected to continue in Q1, the analyst tells investors. A combination of reduced customers inventories, increased fiber access deployment rates and network upgrades in advance of AI bandwidth are driving strength in carrier spend that the firm expects to continue for the next several quarters, the analyst added.