Adtran price target raised to $18 from $14 at Needham

Needham raised the firm’s price target on Adtran (ADTN) to $18 from $14 and keeps a Buy rating on the shares. The firm expects the company to report a “modest” Q1 beat on along with a minor raise to Q2 guidance relative to consensus. Adtran is seeing strength in its optical networking solutions business, both domestically and internationally, the analyst tells investors in a research note. Needham believes the company’s recent win with Italy’s tier 1 operator FiberCop should drive meaningful European new growth.