Clearfield price target lowered to $36 from $40 at Needham

Needham lowered the firm’s price target on Clearfield to $36 from $40 but keeps a Buy rating on the shares. The company’s Q1 topped estimates but guided Q2 below consensus, with both quarters impacted by increased GAAP inventory write-downs, the analyst tells investors in a research note. Book-to-bill was 0.6 and near-term visibility is challenged across key customer segments, the firm added.