Clearfield downgraded to Market Perform at Northland pending greater visibility

As previously reported, Northland analyst Tim Savageaux downgraded Clearfield to Market Perform from Outperform with an unchanged price target of $45. After a better than expected fiscal Q3 report, the company gave a “mixed” outlook on the coming quarter, citing normal downward seasonality as well as expectations for some slowness in Tier 3 spending prior to the disbursement of BEAD rural broadband funding in mid-2024, the analyst tells investors. The firm is moving to the sidelines pending greater visibility to resumed growth in the second half of calendar year 2024, the analyst noted.