01:50 PM EDT, 05/09/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $6, applying an EV/revenue multiple of 1.1x to our '24 estimate, a slight discount to peers, reflecting our muted growth outlook. We raise our '24 EPS estimate by $0.04 to $0.06 and trim '25's by $0.01 to $0.37. ADTN reported a Q1 operating loss of -$0.02 vs. a loss of -$0.06, $0.09 better than the consensus. Q1 revenue declined 30%, driven by a 16% drop in the Access and Aggregation segment, as well as a 49% decline in the Optical Networking Solutions segment, which continues to be impacted by inventory reduction efforts by customers. Small to midsized service provider customers in the U.S. were a bright spot during the quarter, with strong demand for the company's fiber access platform and its residential fiber customer premises equipment. We expect the market to continue improving throughout the year.