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Montgomery Securities Initiates Coverage of ADTRAN, Inc. with a BUY Rating.

SAN FRANCISCO--(BUSINESS WIRE)--Feb. 1, 1996--Montgomery Securities Analyst Chris Crespi has initiated coverage of ADTRAN, Inc. (Nasdaq: ADTN) with a BUY rating. Crespi expects the company to earn $0.97 per share in Fiscal Year (December) 1996. His target price is $42, or 58% above current levels.

ADTRAN builds data-transport equipment that allows telecommunications carriers and their customers to facilitate digital data services over the existing copper telephone networks, also known as the "local loop." ADTRAN is a proven leader in the area of data transport in the local loop and has brought respect and attention to this entire business segment by posting solid financial performance.

The company's product line can be separated into three distinct segments: DDS (Digital Data Service); ISDN (Integrated Services Digital Network); and HDSL (High bit-rate Digital Subscriber Line). Crespi's BUY rating is based on ADTRAN's dominance in the ISDN telco equipment market and the rapid growth expected in both the ISDN BRI (Basic Rate Interface) and the HDSL markets in 1996.

CONTACT: Montgomery Securities

Christopher J. Crespi, 415/627-2147

ccrespi@montgomery.com

Elizabeth Snowdon, 415/627-2747

esnowdon@montgomery.com
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Publication:Business Wire
Date:Feb 1, 1996
Words:185
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