This morning, Bank of America downgraded shares of Adtran (NASDAQ:ADTN) to underperform as a reduction in domestic spending could impact earnings over the next few quarters. With the downgrade, Bank of America set a price target of $15 per share.
Adtran was trading lower by more than 9% on Friday.
And Citigroup lowered its EPS estimates on shares of Caterpillar (NYSE:CAT) through 2013 as global macroeconomic conditions could slow growth. In the report, Citigroup maintained its neutral rating and its $92 price target.
Shares of Caterpillar were lower on Friday, falling 1.1% on the news.
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