Clearfield upgraded to Outperform from Market Perform at Northland

Northland upgraded Clearfield (CLFD) to Outperform from Market Perform with a price target of $40, up from $25, following the company’s Q2 report, which featured a sequential doubling in orders and a slight uptick in backlog after five quarters of sharp declines. The firm calls out a stabilization in small rural carrier revenues, similar to what was seen at Calix (CALX), and and notes that Clearfield also counts fiber carrier Lumos, which recently received $1B in funding from T-Mobile (TMUS) with plans to add 3M homes passed, as a customer.