BofA update shows where active managers are putting money
Investing.com -- Shares of Adtran (NASDAQ:ADTN) Holdings rose 2.9% in premarket trading, building on Wednesday’s 9.2% gain after the communications equipment maker reported preliminary second-quarter revenue that exceeded estimates.
Needham analyst Ryan Koontz expects Adtran’s upcoming third-quarter guidance will also surpass consensus forecasts. "With a new CFO at the helm and past a financial restatement, we believe the company is focused on simplifying its pitch and balance sheet through debt paydowns and real estate sales," Koontz wrote.
The Alabama-based company appointed Timothy Santo as chief financial officer in March. Santo previously worked at GE Capital.
Koontz indicated his research suggests strong market conditions for Adtran in both the United States and Europe. Among the four broadband sector companies he covers, the analyst expressed the most optimistic view on Adtran heading into earnings season.
The company plans to release its complete second-quarter financial results in early August.
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