Clearfield Analyst Runs Out Of Superlatives Post Upbeat Q4 Results

  • Needham analyst Ryan Koontz maintained Clearfield, Inc CLFD with a Buy and raised the price target from $115 to $135. Koontz ran out of superlatives. 
  • CLFD delivered another robust quarter, with revenue and EPS ahead of consensus
  • Revenue grew +110% Y/Y, and he raised his F23 revenue and EPS estimates. 
  • Community broadband sales remained hot (+91% Y/Y), and cable sales soared by +200% Y/Y. 
  • The backlog remained strong and the operating margin impressed at 23.4%. 
  • Results thwarted negative investor telecom sentiment he attributes predominantly to AT&T Inc T capex cuts.
  • Koontz updated F23 revenue and EPS estimates were nearly double his December 13 initiation. 
  • With over $90 billion in U.S. rural broadband subsidies just beginning to trickle in ahead of a multi-year cycle and CLFD developing plans to enter Europe, he reiterated CLFD as his top pick. 
  • Northland Capital Markets analyst Tim Savageaux maintained an Outperform and raised the price target from $110 to $120.
  • Price Action: CLFD shares traded higher by 26.9% at $118.13 on the last check Friday.
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