Adtran's Weak 4Q Results Do Not Diminish Midterm Positives; Maintaining $18 FVE
Adtran reported fourth-quarter results that were roughly in line with its Dec. 28 announcement. The results were affected by a Tier 1 carrier's spending slowdown related to a postmerger capital expense budget review. While this is expected to be resolved in the first quarter of 2018, the outcome remains uncertain, and Adtran maintained its sequentially flattish revenue outlook. Overall, management expects top-line growth in 2018, which is likely to come at the expense of gross margin, in our opi...ADTRAN is a provider of networking and communications equipment. The company's solutions and services enable voice, data, video and internet communications across a variety of network infrastructures. The company has two segments: Network Solutions, which provides solutions supporting fiber-, copper- and coaxial-based infrastructures and a number of wireless solutions, lowering the overall cost to deploy services across a range of applications for Carrier and Cable/multiple-service operator networks; and Services and Support, which provides turn-key suit of services to help operators accelerate deployment of their networks including planning, engineering, construction, installation, test, and turn-up.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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