Morgan Stanley Maintains Overweight on ADTRAN

Morgan Stanley is out with its report today on ADTRAN (NASDAQ: ADTN), maintaining Overweight.

In a note to clients, Morgan Stanley writes, "ADTN reported another record high and 7th straight beat with Q2 revs of $184.2M, a solid $5.5M ahead of our slightly below Street estimate of $178.8M, up 11.3% q/q and up 22.5% y/y, above guidance of 'rev increase high single digits q/q' and in line with a normally seasonally up qtr."

At the time of posting, shares of ADTN were trading pre-market at $42.16, up 5.06% from Tuesday's close.