With the stock closing Thursday at $23.14, the manufacturer and seller of networking and communications equipment has lost roughly 14% of its value year to date and is 7% away from a new 52-week low. But Wall Street has this story wrong. Although carrier spending still remains a question mark, management continues to make moves to diversify the business to compete more effectively and spur long-term growth.
Adtran has emerged as one of the better operating companies within the telecom space. Given the company's mix of equipment, communication services, and pricing strength, these shares should reach $28 (up 20%) by the end of the year.
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