Adtran's Strong European Market Performance and Future Growth Prospects Drive Buy RatingWe met with CEO Tom Stanton, CFO Tim Santo, and IR at our New York. Stanton noted revenue visibility is the best it's been in years, heavily driven by strength in European access and global optical. European tier 1s continue to gain momentum, including new long-awaited wins translating to revenue. Stanton also noted progress in optical as a result of cross-selling and European data center investments. He sees the BEAD program finally arriving in 2026 as a $1B+ revenue opportunity, which the company expects to garner in excess of 25% share, and BEAD "Edge- outs" represent a similarly sized opportunity.