Clearfield (CLFD) PT Lowered to $45 at Needham

Needham analyst Ryan Koontz lowered the price target on Clearfield (NASDAQ: CLFD) to $45.00 (from $50.00) while maintaining a Buy rating.

The analyst commented: "CLFD delivered solid F4Q25 results with consolidated revenue +2% above consensus, while EPS of $(0.65) was impacted by a $10.4MM write down of the divested Nestor BU. Noted prudent guidance implies core CLFD y/y revenue growth of +6% in F1Q and +10% in F26, as the market adjusts to BEAD-driven demand and a likely fiber shortage in C26. Tier 2 Telco (+28% y/y) and MSO (+33% y/y) drove F4Q on aggressive FTTH builds and Connected Home targets. Community Broadband sales (-7% y/y) were soft, impacted by BEAD delays and the gov't shutdown impacting E-ACAM project subsidies. The Nestor divestiture should renew focus on core growth and profitability. With BEAD spending set to begin its multi-year ramp in 2H26, we see CLFD as poised to return to 20%+ y/y growth. We reiterate our Buy rating and lower our PT to $45."

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