Adtran price target raised to $9 from $6.50 at Jefferies

Jefferies raised the firm’s price target on Adtran (ADTN) to $9 from $6.50 and keeps a Buy rating on the shares after the company reported quarterly results. It feels like Adtran is about to turn a corner on business fundamentals, as cost controls and cash flow generation are gaining momentum, the analyst tells investors in a research note. The firm added that the excess customer inventory situation is “just about done,” adding that it likes the stock given scorched-earth expectations, cost-cutting, and low valuations.