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Northland's Top 2022 Picks Comprise Adtran, Harmonic - Read Why

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Northland analyst Tim Savageaux listed Adtran Inc (NASDAQ: ADTN) as one of his top picks for 2022.

  • Savageaux reiterated his recently raised price target of $35, implying 50.5% upside, and Outperform rating.

  • Savageaux cited indications of continued strong 10G PON and market demand from U.S. rural and European alternative carriers.

  • Like his other top pick Harmonic Inc (NASDAQ: HLIT), Adtran's valuation "compares extremely favorably" with rural fiber competitor Calix Inc (NYSE: CALX).

  • Savageaux raised the price target on Harmonic to $17 from $15, implying 42.3% upside, and reiterated Outperform. Savageaux noted Harmonic "is set for a breakout year."

  • Back-to-back analyst days from CommScope Holding Co Inc (NASDAQ: COMM) and Casa Systems Inc (NASDAQ: CASA) saw them "effectively raising the white flag in next-gen visualized Cable Access."

  • Additionally, Harmonic's "commanding leadership in next-gen visualized and distributed Cable Access has become much clearer."

  • Price Action: ADTN shares traded higher by 1.84% at $23.25, and HLIT shares traded higher by 1.62% at $11.95 on the last check Monday.

Latest Ratings for ADTN

Aug 2021

Goldman Sachs

Maintains

Neutral

Aug 2021

Cowen & Co.

Upgrades

Market Perform

Outperform

May 2021

Goldman Sachs

Downgrades

Buy

Neutral

View More Analyst Ratings for ADTN
View the Latest Analyst Ratings

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