Cowen starts Clearfield with Outperform on upside opportunities

Cowen analyst Paul Silverstein initiated coverage of Clearfield with an Outperform rating and $141 price target. The company has demonstrated "impressive vision and execution" in establishing a leading position among Tier 2 and 3 broadband service providers in the fiber protection, management and delivery solutions segment of the "highly attractive" broadband access market, Silverstein tells investors in a research note. The analyst sees a number of upside opportunities for Clearfield within the fiber-to-the-home and larger fiber-to-the-premises markets. He forecasts "strong" double-digit revenue growth and operating leverage for Clearfield, starting with 46% revenue growth for fiscal 2023.