UPDATE: BWS Financial Starts Clearfield (CLFD) at Sell
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(Updated - January 19, 2022 8:42 AM EST)
BWS Financial analyst Hamed Khorsand initiates coverage on Clearfield (NASDAQ: CLFD) with a Sell rating and a price target of $37.00.
The analyst commented, "We are initiating coverage with a Sell Rating and a $37 target. CLFD has benefited from communication service providers investing in their broadband networks at an accelerated pace. Some having to with traffic consumption changes due to COVID-19 pandemic and some of the growth stemming from service providers replacing Huawei and ZTE equipment. In our opinion, both events sparked an upgrade cycle that pulled forward investments. CLFD is not in a business that grows at double-digit rates, especially after growing sales by 51 percent in fiscal 2021 (September). We believe current consensus estimates are too high creating an opportunity to be short shares of CLFD."
Shares of Clearfield closed at $65.93 yesterday.
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