BEAD stimulus remains ‘2026 event’ for infrastructure suppliers, says Jefferies

Jefferies analyst George Notter analyzed the BEAD, or Broadband Equity, Access and Deployment, broadband stimulus program, looking at the timeline associated with the funds flowing from the NTIA to state broadband offices and subsequently to the telecom service providers and equipment vendors, leading the firm to argue that “it’s clear that there won’t be any equipment purchasing associated with BEAD in 2024.” While there may be “a tiny amount” of BEAD-related spending at year-end 2025, it’s a 2026 event for the most part for the infrastructure vendors, the analyst tells investors. The BEAD broadband stimulus program remains a focal point for investors in Calix (CALX), Corning (GLW), Adtran (ADTN), CommScope (COMM) and others, the analyst noted.