ADTRAN (NASDAQ:ADTN) Fully Priced Says Jefferies (NYSE:JEF)

ADTRAN (NASDAQ:ADTN) handily exceeded expectations in their latest earnings report, in earnings and revenue. Yet Jefferies feels the share price of ADTRAN accurately portrays the value of the company.

Jefferies said, "Q4 was unusual as it marked the first-ever quarter where the organization generated significant Professional Services revenue. All of this business, we understand, was tied to the Broadband Access business."

Looking forward, Jefferies said they're raising their full year 2011 EPS and revenue estimates from $1.90 and $698 million to $2.05 and $711 million. Jefferies gave their full year 2012 EPS and revenues estimates at $2.20 and $750 million.

Jefferies is maintaining their "Hold" rating on ADTRAN (ADTN), which closed Thursday at $41.75, down $0.50, or 1.18 percent. Jefferies boosted their price target on ADTRAN from $34 to $42.