ADC Telecommunications

(ADCT) - Get Report

was up 7.9% in preopen

Island

trading. After Wednesday's close, the company said first-quarter earnings were 7 cents per share, ahead of the Street's estimate of 6 cents and matching the year-earlier 7 cents.

The telecom-equipment maker also expressed caution about the weakening economy.

Lehman Brothers

cut its price target to $25 from $30, citing the company's lack of visibility.